Caveat Emptor For Sophisticated Investors
Springwell Navigation Corp v JP Morgan Chase Bank and Others [2010] EWCA Civ 1221
Springwell was an investment vehicle for a group of companies owned by the Polemis shipping family. It was a sophisticated investor. It invested in notes issued by Chase, but referenced to underlying Russian bonds. As a result of the Russian financial crisis in 1998, the bonds became far less valuable. Springwell claimed over US$700m in damages from Chase, based on misrepresentation and other grounds. Its claim failed at first instance (Gloster J). Springwell appealed the decision on misrepresentation.
The Court of Appeal...
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