Akers & ors v Samba [2017] UKSC 6
Summer 2017 #168Mr Al-Sanea was the legal owner of shares in five Saudi Arabian banks, including Samba Financial Group (appellant). As a result of six transactions between 2002 and 2008 Mr Al-Sanea agreed to hold the relevant shares in trust for Saad Investments Co Ltd (SICL), a company subject to the laws of the Cayman Islands. Compulsory winding up proceedings of SICL commenced on 30 June 2009 and, six weeks later, Mr Al-Sanea in breach of trust transferred the legal title to the relevant shares to the appellant, purporting thereby to discharge personal liabilities which he had towards it. On 19 Augus...
Scott v Southern Pacific Mortgages Limited & ors [2014] UKSC 52
July/August 2015 #151The appeal arose from one of what were originally ten test cases in which the defendant home owners (the vendors) were persuaded to sell their properties to purchasers (the purchasers) who promised the vendors the right to remain in their homes after the sale. The purchasers bought the homes with the assistance of mortgages from lenders (the lenders), who were not given notice of the promises to the vendors. Neither the rights of occupation promised by the purchasers to the vendors nor the tenancies granted by the purchasers were permitted by the lenders’ mortgage. Exchange of contracts ...
FHR European Ventures LLP & ors v Cedar Capital Partners LLC [2014] UKSC 45
September 2014 #142The claimants engaged Cedar Capital Partners LLC (Cedar) to act as their agent in negotiating the purchase by FHR European Ventures LLP of the issued share capital of Monte Carlo Grand Hotel SAM (which owned a long leasehold interest in the Monte Carlo Grand Hotel) from Monte Carlo Grand Hotel Ltd (vendor). As such an agent, Cedar owed a fiduciary duty to the claimants, notwithstanding which it entered into an exclusive brokerage agreement with the vendor to provide for the payment of a €10m fee following completion – the vendor was paid €211.5m when the purchase was completed on 2...
Re Lehman Brothers Intl (Europe) [2010] EWCA Civ 917
October 2012 #123Lehman Brothers International (Europe) (LBIE), an English unlimited company, was the principal European trading company in the Lehman Brothers group. LBIE entered administration on 15 September 2008. The administrators made several applications to the court for directions.
The issues on appeal concerned the application of chapter 7 of the Client Assets Sourcebook (CASS 7) issued by the Financial Services Authority (FSA). CASS 7 was intended to transpose the Markets in Financial Instruments Directive 2004/39/EC (MiFID) and its Implementing Directive into English law, under the FSA’...
Jones v Kernott [2012] WTLR 125
January/February 2012 #116Patricia Jones and Leonard Kernott bought a property together (Badger Hall Avenue) in May 1985 and lived there until their relationship ended in October 1993. The legal title to Badger Hall Avenue was held by them jointly. Ms Jones had contributed £6,000 of the £30,000 purchase price with the balance funded by an interest-only mortgage. An extension had been built and funded by Mr Kernott and had increased the value of Badger Hall Avenue to £44,000. Ms Jones and Mr Kernott had a daughter (born 1984) and a son (born 1986) together.
It was common ground that, until October 1993, the...