Singapore High Court: Unravelling the unwind of accumulator contracts

On 10 February 2016, the Singapore High Court in Tan Poh Leng Stanley v UBS AG [2016] SGHC 17 delivered a lengthy judgment on the topic of contractual interpretation.

Whilst the conclusions of the court are not surprising, the case is noteworthy because it considered how the various agreements which private banks often enter into with their high net worth clients interact with one other. It is also one of the few cases which discusses the ISDA Master Agreement, albeit on an obiter basis. The case raised many issues and this bulletin will consider only the points which the court discussed in detail.

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