Knowing receipt: Court of Appeal clarifies the necessary elements

The Court of Appeal has dismissed a knowing receipt claim against a bank for receipt of shares transferred to it in breach of trust, on the basis that the claimant did not have a continuing proprietary interest in the shares: Byers & Ors v The Saudi National Bank [2022] EWCA Civ 43. The decision provides helpful … Read more

Court of Appeal rejects novel argument that fraud victims should give credit for the “time value” of cash received as part of a fraudulent transaction

In the context of a claim by a fraud victim seeking damages for consequential loss of investment opportunity, the Court of Appeal has rejected an argument by the fraudster that the victim was obliged to give credit not only for the cash they received as part of the relevant fraudulent transactions, but also for the … Read more

High Court finds settlement agreement released unknown fraud claims despite absence of express words covering fraud

The High Court has interpreted the contractual release in a settlement agreement as extending to unknown claims based on dishonesty and fraud, despite the terms of the release not expressly referring to such claims. The claimant was therefore precluded from pursuing further claims alleging deliberate wrongdoing following the receipt of what it said was new … Read more

Court of Appeal finds claimant breached terms of search order by conducting keyword searches of electronic data and considers interplay between search and imaging orders

In a recent decision the Court of Appeal has re-emphasised that the purpose of a search order (formerly known as an Anton Piller order) is to preserve evidence that is at risk of being destroyed by a defendant or potential defendant, and that a search order does not allow a claimant to inspect documents to … Read more

Permission for expert evidence of financial market practice refused in relation to allegations of dishonesty but granted for other purposes

In a recent decision, the High Court refused  the defendant financial advisers and agents permission to call expert evidence of financial market practices in relation to an allegation that they had acted dishonestly: Carr v Formation Group Plc [2018] EWHC 3116. The court noted that the standard of honesty is an objective one, and it … Read more