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.

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