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

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


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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