October 30, 2019 / 10:20 AM / 14 days ago

Daiwa loses UK duty of care appeal case, faces $150 million bill

LONDON, Oct 30 (Reuters) - Daiwa Capital Markets Europe did breach a rule on checking a customer instruction for fraud, Britain’s top court ruled on Wednesday, leaving the Japanese investment bank facing a $150 million damages bill.

“The Supreme Court unanimously dismisses Daiwa’s appeal and upholds that the High Court order should stand,” the court said in a statement.

Such a ruling could prompt international banks to shift some corporate business away from London to cut their liability risk in future, financial sector officials have said.

Reporting by Huw Jones, editing by Jason Neely

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