IFE FUND SA V GOLDMAN SACHS INTERNATIONAL

[2007] EWCA Civ 811, Court of Appeal (Waller, Gage, Lawrence Collins LJJ), 31 July 2007

Misrepresentation – Duty of care – Contract – French law – Interpretation of standard disclaimer “Important Notice” – Whether representation made – Whether continuing representation – Misrepresentation Act 1967

IFE had invested in bonds and warrants in reliance on an information package (SIM) produced by GSI. IFE claimed damages, asserting that GSI had failed to disclose information which had come into their possession after the sending out of the SIM but before IFE completed the purchase of bonds from GSI. The Court of Appeal held that IFE had not established misrepresentation in light of the contractual terms between the parties, more specifically the standard term Important Notice (disclaimer). There was no free standing duty of care.