Rubenstein v HSBC Plc (2012)

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High Court decision At first instance, the High Court held that although HSBC was negligent and in breach of COB rules, in advising the claimant to invest in the AIG Enhanced Variable Rate Fund, it was not liable for the investment losses. The High Court found that instead, the losses at AIG were caused by the market turmoil following the collapse of Lehman Brothers in September 2008, and held that this was not reasonably foreseeable when the advice was given in 2005. Accordingly, the claimant was awarded only nominal damages in contract


http://www.bailii.org/ew/cases/EWCA/Civ/2012/1184.html