CF Partners (UK) Llp v Barclays Bank Plc & Anor

CF Partners (UK) Llp v Barclays Bank Plc & Anor

Barclays and Tricorona owed duties of confidence to CF Partners regarding information provided for Project Arctic Fox. Both misused confidential information by using it to establish a strategic partnership and ultimately for Barclays to acquire Tricorona, contrary to the purpose for which it was provided. No contractual exclusivity obligation was owed by Barclays to CF Partners, and any such obligation was released. Damages are to be assessed on a Wrotham Park (negotiating damages) basis, not as an account of profits. The appropriate compensation is €10 million. The unclean hands defence does not bar relief. Tricorona's counterclaim for minor breaches by CF Partners is subsumed in the...

Parties
Claimant: CF Partners (UK) LLP; 1st Defendant: Barclays Bank PLC; 2nd Defendant: Bryggpipan AB (formerly known as Tricorona AB)
Jurisdiction
England and Wales
Judgment Date
24 September 2014
Procedural Posture
Civil (commercial, Chancery) / Final Judgment After Full Trial
Outcome
Judgment for the claimant in part; damages awarded for breach of confidence; other claims dismissed.
Legal Topics
Breach of Confidence, Misuse of Confidential Information, Obligation of Exclusivity, Inducement of Breach of Contract, Remedies for Breach of Confidence, Wrotham Park Damages, Joint Liability, Unclean Hands, Rectification, Estoppel
Commercial Law Equity Contract Law Confidential Information Tort Law Breach of Confidence Misuse of Confidential Information Obligation of Exclusivity +7 more

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Parties

CF Partners (UK) LLP

Claimant

Barclays Bank PLC

1st Defendant

Bryggpipan AB (formerly known as Tricorona AB)

2nd Defendant

Procedural Posture

Civil (commercial, Chancery) / Final Judgment After Full Trial

Legal Issues

  1. 1 Did Barclays and/or Tricorona owe duties of confidence to CF Partners?
  2. 2 Did Barclays owe a contractual or equitable obligation of exclusivity to CF Partners?
  3. 3 Did Barclays and/or Tricorona misuse confidential information provided by CF Partners?

Ratio Decidendi

Barclays and Tricorona owed duties of confidence to CF Partners regarding information provided for Project Arctic Fox. Both misused confidential information by using it to establish a strategic partnership and ultimately for Barclays to acquire Tricorona, contrary to the purpose for which it was provided. No contractual exclusivity obligation was owed by Barclays to CF Partners, and any such obligation was released. Damages are to be assessed on a Wrotham Park (negotiating damages) basis, not as an account of profits. The appropriate compensation is €10 million. The unclean hands defence does not bar relief. Tricorona's counterclaim for minor breaches by CF Partners is subsumed in the...

Court Disposition

Judgment for the claimant in part; damages awarded for breach of confidence; other claims dismissed.

Orders

  • Barclays and Tricorona to pay CF Partners €10 million as compensation for misuse of confidential information, assessed on a Wrotham Park basis.
  • CF Partners' claims for breach of exclusivity and account of profits dismissed.