Interesting case on Terms and Conditions

jetset

RIP Brian
Joined
Feb 22, 2001
Location
Earth
We frequently discuss the complexities of casino T&Cs in this forum, and I therefore thought this news report was interesting, touching as it does on the subject, albeit in a different context.

A spread betting company’s lengthy and ‘inadequate’ terms and conditions made it impossible for it to legitimately attempt to claim £50,000 in lost trades from one of its customers, a judge ruled.

The 49 pages of Spreadex’s T&Cs agreed to by Colin Cochrane was, in the eyes of the law, an ‘unfair contract’.

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DiamondGeezer

Dormant account
PABaccred
PABnoaccred
PABnononaccred2
Joined
May 12, 2007
Location
NOT Pennsylvania!!!
I wouldn't be surprised if that goes to appeal and there might yet be a different verdict. The trouble is it could lead to a flood of similiar claims. Looks a bit of an odd verdict to me.

Also I can't see it being factually correct. I have an account at Spreadex and I'm sure it logs you out after 15 mins or so if you are not active.

It is a good example though of how courts take a very dim view of unclear t&c's, especially when it's business to consumer.
 

GrandMaster

Dormant account
Joined
Jan 21, 2004
Location
UK
So basically, if I lose I just need to claim that it was not me, but my 5 year old son.
 

Jinn

Webmeister
webmeister
Joined
Jul 7, 2008
Location
I.S.S.
This 5 year old made 'trades in oil, gold and silver' - seems like a smart trader, his position may have become negative temporarily but I bet it would have turned around and made a nice profit in the near future.

I need this kid's contact details, he may have some good tips :)
 
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