The plaintiff investors brought a motion for summary judgment against the defendant for fraudulent misrepresentation.
The plaintiffs had invested funds with the defendant for foreign exchange trading based on written agreements that guaranteed the return of their original investments and promised high rates of return.
The defendant lost the funds and admitted breach of contract but denied fraud.
The court found the case suitable for summary judgment and held that the defendant made false representations of fact, knowing they were false or reckless as to their truth, with the intention that the plaintiffs would rely on them.
Summary judgment was granted in favour of the plaintiffs for fraudulent misrepresentation.
