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Investors’ claim against financial institution dismissed due to procedural delays
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High Court dismisses the plaintiffs' action against a financial institution for alleged fraudulent misrepresentation and conduct, on the grounds that the plaintiffs' delay in initiating proceedings and responding to a notice for particulars was unjustified, resulting in moderate prejudice to the defendant due to the passage of time affecting witness recollection; and consequently, the balance of justice favored dismissing the case.
Fraudulent misrepresentation - fraudulent conduct - deceit - breach of contract - psychiatric injury - investment loss - micro cap stocks - Securities and Exchange Commission - fraud investigation - vicarious liability - delay and want of prosecution - Primor test - balance of justice - moderate prejudice - witness recollection - High Court - notice for particulars - COVID-19 pandemic - electronic judgment delivery.
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