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Camerata Property Inc v Credit Suisse Securities (Europe) LTD

Christopher Hancock QC and Daniel Bovensiepen acted for the successful Claimant in resisting the Defendant's application for summary judgment. The claim is in the region of US$6.7 million in respect of alleged negligent advice and negligent misstatement in relation to the purchase of three structured investment products from the Defendant. The Defendant's application for summary judgment raised questions of issue estoppel and the legal status of factual findings in previous related decisions, in circumstances where the Claimant's previous claim in relation to a different structured note issued by Lehman Bros had failed. Teare J held that the claim would involve an analysis of the level of risk the Claimant had appetite for, against the level of risk in fact represented by each note, and that question was not necessarily determined by the fate of the previous claim because it was the Claimant's case that the risk on the three other notes was greater than the risk on the Lehman note, and that case was supported by the Defendant's own view.