Important decision on duties of regulated firms

On the 22nd March 2011, following a three week trial, Flaux J. found in favour of the Claimants in an action brought for sums of money owed under FX options trading, The court rejected the Defendant’s claims, that the client had been misclassified under COB/COBS; that personal recommendations or misrepresentations had been made; and, that a general advisory duty was owed. Raymond Cox QC and Marcus Smith QC appeared on behalf of the Claimant.