Vigeland v Ennismore Fund Management Ltd & Anor

Vigeland v Ennismore Fund Management Ltd & Anor

There was no express or implied Bonus Agreement as alleged; bonuses were discretionary and subject to trust terms. No misrepresentation was established regarding absolute entitlement to EBT contributions. Mr Vigeland received the cash elements of his 2003 and 2004 bonuses. An agreement on clawback was reached in January 2008. Vistra did not breach trust or fiduciary duty; its postponement of distribution pending Cayman appeal was reasonable and within its discretion.

Parties
Claimant: Arne Vigeland; First Defendant: Ennismore Fund Management Limited; Second Defendant: Vistra Corporate Services Limited
Jurisdiction
England and Wales
Judgment Date
07 November 2012
Procedural Posture
Civil / Judgment
Outcome
Claim dismissed
Legal Topics
Bonus Entitlement, Discretionary Trusts, Implied Terms, Misrepresentation, Fiduciary Duty, Clawback Mechanism
Employment Law Trust Law Contract Law Bonus Entitlement Discretionary Trusts Implied Terms Misrepresentation Fiduciary Duty +1 more

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Parties

Arne Vigeland

Claimant

Ennismore Fund Management Limited

First Defendant

Vistra Corporate Services Limited

Second Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Existence of an oral Bonus Agreement in June 2002
  2. 2 Whether misrepresentation was made regarding absolute entitlement to EBT contributions
  3. 3 Entitlement to cash elements of 2003 and 2004 bonuses

Ratio Decidendi

There was no express or implied Bonus Agreement as alleged; bonuses were discretionary and subject to trust terms. No misrepresentation was established regarding absolute entitlement to EBT contributions. Mr Vigeland received the cash elements of his 2003 and 2004 bonuses. An agreement on clawback was reached in January 2008. Vistra did not breach trust or fiduciary duty; its postponement of distribution pending Cayman appeal was reasonable and within its discretion.

Court Disposition

Claim dismissed

Orders

  • No direction to Vistra to distribute EBT assets to Mr Vigeland
  • No declaration as to relevant/irrelevant factors for trustee discretion