||All England Reporter
|| All ER (D) 33 (May)
|| EWCA Civ 486
||Court of Appeal, Civil Division
Mummery, Toulson and Rimer LJJ
||Ali Malek QC, Jeffrey Chapman and Adam Kramer (instructed by Legal First) for the appellants.
||Neil Kitchener QC and Steven Elliott (instructed by Gordon Dadds) for the respondents.
||5 May 2010
Misrepresentation - Damages - Deceit - Claimants trading on stock exchange through second defendant - Third defendant employee of second defendant purposely concealing trading losses from claimants - Third defendant inducing claimants to continue trading despite losses - Claimants commencing proceedings - Third defendant admitting fraudulent misrepresentation - Court making award of damages - Second and third defendant appealing against measure of damages - Whether damages correctly assessed - Whether damages recoverable for period between discovery of fraudulent misrepresentation and trial.
Misrepresentation Damages. The Court of Appeal, Civil Division, refused the defendants' appeal against the award made by the judge at first instant in favour of the claimants. The quantification of lost profits had not been manifestly excessive and the method of assessment applied by the judge had been a reasonable one. The judge had been right, on the application of established case law, to have held that damages would be assessed up to the point of trial and not applied a cut off point in respect of the claimants' discovery of the fraud that led to the original action.
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