Description
Action for damages for professional negligence. Advice, on an investment, had been given to the pursuers by a finance planning manager employed by the defenders. The investment amounted to one million pounds. The advice was to invest in Clerical Medical Premier Offshore with Profits Bond. Disputed, whether the defenders failed to advise of the possibility of a Market Value Adjustment ('MVA') being applied, were the Bond to be cashed earlier than 2012. Whether the defenders failed to mitigate their loss by encashing the bond on realisation of the existence of the MVA. Whether there had been contributory negligence on the ground that the pursuer should have read documents of advice following direct advice from the defenders. Defenders held liabile with no contribution by the pursuer. Award calculated as the difference between the amount realised on encashment and the sum they would have obtained at that date had they placed sum in a deposit.
