Dubai Court of Cassation Clarifies Bank Liability for Investment Assets Held by a Foreign Custodian

A Dubai Court of Cassation judgment examining bank liability for investment assets held by a foreign custodian, confirming that a bank’s role in facilitating an investment relationship does not, without more, make it responsible for the custody or repayment of client assets, and highlighting the importance of contractual obligations, correct entity identification and proof of loss in cross-border financial disputes.