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/ News / Legal Director Syed Rahman comments in Law 360 on the Japanese bank, Daiwa being ordered to pay $150m after losing negligence case

Legal Director Syed Rahman comments in Law 360 on the Japanese bank, Daiwa being ordered to pay $150m after losing negligence case



Rahman Ravelli’s Legal Director Syed Rahman was asked by Law360 to comment in an article looking closely at the Daiwa ruling by the Supreme Court, in which the Japanese bank was ordered to pay damages of more than $150m for its “negligence” in failing to check a customer transaction. 

Discussing the case Syed said: “The judgment raises the prospect of a much higher duty-of-care burden for financial institutions when it comes to dealing with corporate clients,” Rahman said. “It seems any reliance on compliance will not protect a bank if it fails to make the relevant inquiries or take the necessary steps when put on notice of a potential fraud on its customers.”

This article originally featured on Law360, to read the full article click here. Please note you will require a subscription to read the article. 

Syedur Rahman

Syedur Rahman

Legal Director

syedur.rahman@rahmanravelli.co.uk
+44 (0)203 910 4566 vCard

Specialist Areas of Practice: Fraud and Business Crime, Compliance and Regulatory, Civil Recovery, Civil Fraud, Corporate Investigations

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