||All England Reporter
|| All ER (D) 255 (Oct)
|| EWCA Civ 1452
||Court of Appeal, Civil Division
Peter Gibson, Arden and Buckley LJJ
||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.
||18 October 2002
Trusts - Breach of trust - Investment in company - Claimant alleging misappropriation of proceeds of sale - Recoverability of damages.
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.
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