IFG International Trust Co Ltd & ors v French Case no: CHP 2012–0048

Wills & Trusts Law Reports | September 2014 #142

Mr French (F) was either a protector or member of the committee of trust protectors of each of nine trusts governed by the law of the Isle of Man. The trusts were set up with one or other of two American brothers and their families as beneficiaries in various combinations. Trusts set up in 1992 contained a clause (clause 8.7) ‘the trustee may grant an indemnity out of the trust fund to any committee member or to such delegatee upon such terms as the trustee may think fit.’ while those set up in 1994/1995 provided in sch 4, para (8) (b) that:

‘E...

IFG International & ors v French 2012 CHP 0048

Wills & Trusts Law Reports | March 2013 #127

The four claimants were professional trustees of a total of nine trusts, all governed under Isle of Man law. Some of nine trusts were created for the benefit of Samuel Wyly and his immediate family and the remainder for his brother Charles Wyly and his immediate family.

Michael French, the defendant, was either a protector or a member of the committee of trust protectors for each trust. He retired from all these positions in December 2000.

Proceedings had been brought against Mr French and the Wyly brothers in New York by the US Securities and Exchange Commission (the SEC...