Legal News

Investment manager breaches duty of care through misrepresentation (Första AP-Fonden v Bank of New York Mellon)

Published on: 16 October 2013

Table of contents

  • Original news
  • What were the facts?
  • What legal principles applied?
  • What was decided?
  • What are the practical implications of this case?

Article summary

In Första AP-Fonden v Bank of New York Mellon SA/NV, the Commercial Court held that a bank was in breach of its duty of care as an investment manager to a pension fund by negligently misrepresenting or misstating that it remained confident that notes issued from an investment vehicle would be paid in full, after its own analysis showed there was a significant likelihood of default.

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