Source: All England Reporter
Publisher Citation: [2002] All ER (D) 255 (Oct)
Neutral Citation: [2002] EWCA Civ 1452
Court: Court of Appeal, Civil Division
Judge:

Peter Gibson, Arden and Buckley LJJ

Representation Alan Steinfeld QC and Adrian Francis (instructed by Amhurst Brown Colombotti) for the claimant.
  Michael Roberts (instructed by Dawson & Co) for the first defendant.
  Michael Lyndon Stanford QC and Guy Newey QC (instructed by Lovells) for the fourth defendant.
Judgment Dates: 18 October 2002

Catchwords

Trusts - Breach of trust - Investment in company - Claimant alleging misappropriation of proceeds of sale - Recoverability of damages.

The Case

The principle that a shareholder could not recover a sum equal to the diminution of the market value of his shares, or equal to the likely diminution in dividend, because such a loss was merely reflective of the loss suffered by the company, did not preclude an action brought by a claimant not as a shareholder, but as a beneficiary under a trust, against his trustee for a profit unless it could be shown by the defendants that the whole of the claimed profit reflected what the company had lost and which it had a cause of action to recover.

Practice Areas

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