Where misleading or deceptive conduct induces entry into a foreign currency agreement that ties a grower to selling cotton under on-call contracts, the loss caused by the conduct extends not only to currency losses but also to the differential between what was received under on-call contracts and what would have been received under fixed price contracts. Representations that continue to mould a plaintiff's conduct can cause losses on later transactions even years after the original representations, provided nothing has occurred to dispel the effect of the representations. In assessing hypothetical outcomes, a court should give weight to a plaintiff's established 'trigger price' as a floor, even while exercising caution about self-serving evidence of what the plaintiff would have done.
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