The commercial division of the Cour de Cassation upheld on February 21, 1995 upheld a decision of the Court of Appeals which held that a client could not hold a stock brokerage company liable based on the Decree of October 7, 1890 (which obliges a stock broker to demand cover from a client on all futures investments) where the client was proven not to be a simple layman but rather, well-informed on the mechanisms of the futures market.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. For additional information contact Claire Acard or Joseph J. Smallhoover on 33/(1)/55 61 10 10. The members of ARCHIBALD ANDERSEN Association d'Avocats (S.G. Archibald and Arthur Andersen International) are registered with the Hauts-de-Seine Bar and the Lyon Bar.
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