Wills & Trusts Law Reports | May 2013 #129The plaintiff/representors (A and B) are the principal beneficiaries of X Trust, a discretionary trust governed by the law of Jersey with the first defendant/respondent (C) being the sole trustee. There are other stipendiary beneficiaries.
It is a large trust and owns shares in a public quoted company that have plummeted in value. No claim in respect of this loss has been made. However, there are other losses totalling nearly £100m and A and B wish to bring a breach of trust claim in respect of these losses.
If A and B are successful in their claim they will not personall...
Dov Ohrenstein reviews the law relating to reflective losses and derivative claims ‘Pursuant to s260(1) of the Companies Act Act, only a company member can bring a derivative claim. For this purpose “member” includes trustees in bankruptcy and other persons who have been transferred shares by operation of the law.’ Where a wrong is done …
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