In September 2011, the High Court heard the case of Rubenstein v HSBC Bank plc [2011] EWHC 2304 (Comm), which considered whether the claimant could recover loss caused by the run on a fund within the AIG Premier Access Bond in September 2008. A similar case was heard in October 2011 (Zaki and others v Credit Suisse (UK) Ltd [2011] EWHC 2422 (Comm)) which considered whether the defendant was liable for the claimant’s loss following a series of investment recommendations.

In both instances, the claimants sought information regarding investment opportunities and in both cases the defendants denied that the information they provided amounted to “advice”. Both HSBC and Credit Suisse argued that the transactions involve...

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