Warren Aubrey Miles v Little Caesars Casino Pty Ltd & Ors [2001] NSWSC 33

Warren Aubrey Miles v Little Caesars Casino Pty Ltd & Ors [2001] NSWSC 33

Cole and Manning, as directors, breached fiduciary duties by causing poker machine permits to be acquired through Little Caesars' license and then on-sold for personal profit without fully informed consent. Little Caesars lost the opportunity to profit from those permits, and equitable compensation is owed equal to...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
08 February 2001
Procedural Posture
Equity Fiduciary Duty Claim / Final Judgment After Trial
Outcome
Equitable compensation ordered.
Legal Topics
['breach of Fiduciary Duty' 'equitable Compensation' "director's Duties" 'loss Assessment']
['equity' 'trusts and Trustees' 'corporate Law'] ['breach of Fiduciary Duty' 'equitable Compensation' "director's Duties" 'loss Assessment']

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Procedural Posture

Equity Fiduciary Duty Claim / Final Judgment After Trial

Legal Issues

  1. 1 ['Did Cole and Manning breach fiduciary duties owed to Little Caesars as directors?' 'What equitable compensation is owed to remedy the loss from the breach?' "Was there consent by Little Caesars to Cole and Manning's conduct regarding the poker machine permits?"]

Ratio Decidendi

Cole and Manning, as directors, breached fiduciary duties by causing poker machine permits to be acquired through Little Caesars' license and then on-sold for personal profit without fully informed consent. Little Caesars lost the opportunity to profit from those permits, and equitable compensation is owed equal to the difference between open market values and acquisition costs, adjusted for relevant expenses.

Court Disposition

Equitable compensation ordered.

Orders

  • ['Cole and Manning to pay $692,863 in equitable compensation to Little Caesars.' "Cole and Manning to pay plaintiff's costs on an indemnity basis, with $125,000 to be paid forthwith pending agreement or assessment of total costs."]