UK Supreme Court Upholds $153M Daiwa Negligence Win

Law360, London (October 30, 2019, 10:42 AM GMT) -- The U.K.’s top court ruled on Wednesday that a London investment bank had a duty to prevent a Saudi billionaire from defrauding his company, even though he was its only employee, a decision that upholds a $153 million judgment in favor of creditors and reinforces the role of lenders in thwarting financial crime.

The Supreme Court has ruled that Daiwa breached its duty to protect a company managing the assets of a Saudi billionaire. (AP) In an unanimous ruling, the Supreme Court found that Daiwa Capital Markets Europe Ltd. had breached its duty to protect Singularis Holdings Ltd., a company managing...

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