UPDATE 2-Daiwa loses UK duty of care appeal, faces $150 million bill [Reuters (UK)]
DAIWA SECS GROUP S/ADR (DSEEY)
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Source: Reuters
UPDATE 2-Daiwa loses UK duty of care appeal, faces $150 million bill - Reuters 4 Min Read * Ruling could undermine London’s financial industry * Lawyers say ruling gives clarity to duty of care * Daiwa declines to comment on ruling * Liquidator says final claim expected to be $200 million (Adds detail, reaction, background) By Huw Jones LONDON, Oct 30 (Reuters) - Daiwa Capital Markets Europe lost a court appeal on Wednesday that leaves the Japanese bank facing a $150 million damages bill and reinforces the expected duty of care between a bank and a corporate customer. The court was ruling on a dispute between Singularis Holdings, now in liquidation, and London-based investment bank Daiwa, a subsidiary of Daiwa Securities Group Inc of Japan. The case relates to a payment Daiwa made at the request of the main shareholder in Singularis and whether it had sufficiently carried out its duty as a financial institution to guard against fraud. It was the first time that courts have found again
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