EWHC UK Case No. [2012] EWHC 1321 (Comm)
F&C Alternative Investments (Holdings) Ltd and others v Barthelemy and another
Type
Case
Court
UK High Court
Jurisdiction
Dubai International Financial Centre, Wales, England
Taxonomy
Types of Contract, Terms, General Civil Procedure & Administration of Justice, Financial Services & Activities
Copyright
LexisNexis
Decision date
18 May 2012
Hearing/Judgment date
18 May 2012
Panel
Hamblen J
Catchwords
Contract – Implied term – Implication necessary to give business efficacy to contract – Claimants investing in information and communication technology schemes with defendants – Claimants suffering loss – Claimants commencing proceedings against defendants for, inter alia, breaching implied terms of contract – Whether claimants being partners to schemes – Whether agreement arising – Whether misrepresentations being made – Whether technology vendor being liable for restitution – Tort – Conspiracy – Conspiracy to injure by unlawful means – Claimants investing in information and communication technology schemes with defendants – Claimants suffering loss – Claimants commencing proceedings against defendants for, inter alia, conspiracy to injure by unlawful means – Whether schemes constituting conspiracy to injure claimants – Negligence – Duty to take care – Existence of duty – Claimants investing in information and communication technology schemes with defendants – Claimants suffering loss – Claimants commencing proceedings against defendants for, inter alia, negligence – Whether defendants being negligent – Trust and trustee – Breach of trust – Dishonest assistance – Claimants investing in information and communication technology schemes with defendants – Claimants suffering loss – Claimants commencing proceedings against defendants for, inter alia, dishonest assistance in breaching trust – Whether trust arising – Whether defendants dishonestly assisting breach of trust – Whether defendants breaching fiduciary duties – Investment business – Regulation – Relevant recipient – Claimants investing in information and communication technology schemes with defendants – Claimants suffering loss – Claimants commencing proceedings against defendants for, inter alia, breaching financial services regulations – Whether schemes involving contravention of general prohibition and financial promotion restriction – Financial Services and Markets Act 2000, ss 19, 21, 26, 30.
Abstract
Contract - Implied term. Investors became involved in schemes to gain tax advantages by investments in information and communications technology. Following losses in settlements with Inland Revenue, they commenced proceedings alleging, among other things, frauds practised upon them involving the establishment, promotion and operation of the schemes and alleged misappropriations. The Commercial Court ruled on various claims submitted by the claimants. This case is relevant to Article 19 of DIFC Law No.5/2004.
Digest
The judgment is available at: [2012] EWHC 1321 (Comm)