Data
- Date:
- 04-11-2010
- Country:
- China
- Number:
- Court:
- Shanghai High People’s Court
- Parties:
- Wang v Guotai Junan Securities Co Ltd
Keywords
DISPUTE BETWEEN TWO CHINESE INDIVIDUALS - REFERENCE BY ONE OF THE PARTIES TO THE UNIDROIT PRINCIPLES - CHINESE COURT CONFIRMING THE SOLUTION PROPOSED BY THE CLAIMANT EVEN IF WITHOUT CLEAR REFERENCE TO THE UNIDROIT PRINCIPLES
LOSS OF A CHANCE - REFERENCE TO ART. 7.4.3 UNIDROIT PRINCIPLES IN ORDER TO CONFIRM THE SOLUTION ADOPTED UNDER APPLICABLE CHINESE LAW
Abstract
The plaintiff sought to recover its loss of expected profits from the defendant securities trading agent, who had refused to follow the plaintiff’s instruction to buy certain securities. In claiming the difference between the highest price and the lowest price of the securities on the date of the instruction, counsel sought support from Article 7.4.3 of the PICC, which allowed recovery of the ‘loss of a chance’.
The appellate court rejected the claim, thus affirming the lower court’s decision, on the ground that the chance of sustaining the loss claimed for was extremely low. Implicit to this decision was an acknowledgement by the court that while Chinese law did not expressly so state, it did embrace the solution under Article 7.4.3 of the PICC and allow the recovery of ‘the loss of a chance’.
Summary of the decision extracted from Qiao Liu, The PICC in Chinese Courts, Uniform Law Review, Volume 27, Issue 3, pp. 472–491
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