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close outdiscretionduty of care
Euroption Strategic Fund v Skandinaviska Enskilda Banken AB
[2012] EWHC 749 (Comm)
Key Principle
A clearing broker that closes out a client's portfolio following default is required only to exercise its contractual discretion rationally and in good faith, not to achieve the best result or to act as a prudent trader; it does not owe a wider tortious duty of care to time the close-out optimally for the client's benefit.
Area of Law
General
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