DIFC Courts judge strikes down ‘safe’ investment claim - The National Newspaper

A Dubai International Financial Centre (DIFC) Courts judge has struck down claims of misrepresentation and negligence brought by members of a wealthy Kuwaiti family against a subsidiary of Switzerland’s Bank Sarasin after they lost US$75 million (Dh275.4m) on investments allegedly sold as safe.

Justice Tan Sri Siti Norma Yaakob ruled on Wednesday that Rafed al Khorafi, along with his wife and mother, had not established a sufficient factual basis for the court to support those claims, although she allowed the family to proceed on its claims of breach of contract and breach of statutory duty.

The al Khorafis said in earlier filings they were given oral assurances by an employee of Bank Sarasin-Alpen, the subsidiary based in the DIFC, that the investments would “never lose money”. They sought triple damages of $225m from the courts when they did.