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- Title
The English court awards damages for loss of profits on alternative trading: Parabola Investments Limited and others v Browallia CAL Limited and others [2009] EWHC 904 (Comm).
- Authors
Leitch, Alex; Butler, David
- Abstract
For 30 years or so many have thought that the English court would eschew any attempt at recovering damages in respect of speculative trading. However, in its judgment handed down last year in Parabola Investments Limited and others v. Browallia CAL Limited and others, the High Court has held that recovery in respect of such losses is not precluded as a matter of law. This paper looks in detail at the decision of the High Court in Parabola, a case of fraud, and considers whether the reasoning in that case has a broader application to a wider category of claims. The paper considers that the principles and the reasoning do have a broader application and that recovery should be permitted by the English court in any appropriate case, subject to such losses being proved.
- Subjects
ENGLAND; ACTIONS &; defenses (Law); SECURITIES industry laws; SECURITIES fraud; COMPENSATION (Law); SECURITIES trading
- Publication
Journal of Securities Law, Regulation & Compliance, 2010, Vol 3, Issue 1, p89
- ISSN
1758-0013
- Publication type
Article