Court of First Instance dismisses investor’s US$10.4 million accumulator claim

The recent case of Kwok Wai Hing Selina v HSBC Private Bank (Suisse) SA (HCCL7/2010) indicates that the Hong Kong courts may require private bank clients who suffer losses as a result of investing in financial products to bear the consequences of the risks that they have accepted. The Court enforced the terms of the account agreements and risk disclaimers that the investor had signed, dismissing in context the contractual relevance of the SFC Code of Conduct and (in the circumstances of the case) key statutory regimes and some internal documentation discrepancies in the handling of the account.

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