What must be proven to establish liability for misleading statements relating to benchmarks?

To establish liability for misleading statements related to benchmarks, it is important to demonstrate recklessness or intent. This means that the party making the statements either knew that the information was false or misleading or acted with a disregard for the truth. Establishing intent is crucial as it implies an active decision to deceive or mislead others.

In cases of benchmarks, which are often tied to financial instruments or market performance, accurate reporting is essential. If misleading statements are made without the intent to deceive but with a degree of recklessness — where the individual or entity fails to exercise reasonable care in ensuring the truthfulness of their statements — liability can still be established.

Simply proving intent to deceive or just recklessness alone is insufficient; it is the combination of these factors that encapsulates the nature of these misleading statements. Therefore, the requirement encompasses the broader interpretation of liability in cases involving benchmarks, emphasizing the need to go beyond mere negligence to include a degree of recklessness or willful intent.