Insolvency: Staking a claim
Investors who lose money through declining asset values often seek to recover some of their losses from the banks or other financial institutions that have sold them the loss-making investments - but it can take a long time for these cases to reach court. Judgment was handed down in JP Morgan Chase Bank v Springwell Navigation, the leading case in this area, in May 2008, some 10 years after the events which led to the dispute - the announcement by the Russian Government, in August 1998, of a devaluation in the rouble and a restructuring of sovereign debt.
The magnitude of investor losses means that mis-selling claims are on the rise. Macfarlanes’ Barry Donnelly looks at the issues that determine whether such actions are likely to succeed in light of recent cases
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