Mis-selling claim rebuffed; contractual estoppel recognised
The Hong Kong court has handed down a landmark ruling on the mis-selling of financial products in Hong Kong, rejecting a customer’s various allegations of breach of duty against the bank: DBS Bank (Hong Kong) Ltd v San-Hot HK Industrial Company Ltd. Allen & Overy acted for the bank in these proceedings. Of particular significance is the court’s robust recognition of the existence of contractual estoppel as part of Hong Kong law, rejecting a call (based on recent Singapore authority) to limit this doctrine to sophisticated counterparties.
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