Repubblica di San Marino SpA v Barclays Bank Ltd

A sophisticated investor alleging deceit or negligent misrepresentation under s.2(1) of the Misrepresentation Act 1967 against a bank that sold it structured/credit-derivative products must prove an actual false representation of fact that induced the transaction; the bank's internal assessment that a product's default risk exceeded its credit-rating-agency rating does not, without an express representation, found a claim.