Challinor & 20 Ors v Juliet Bellis & Co & Anor

Challinor & 20 Ors v Juliet Bellis & Co & Anor

The claimants are entitled to equitable compensation of £2,280,000, with interest at 1% above base rate to 13 December 2007 and 3% above base rate thereafter, reflecting a fair proxy for loss of use of funds by sophisticated investors. The Defendant Firm must pay 90% of the claimants' costs, with a payment on account of £750,000, and pay Mr Egan's Part 20 costs with a payment on account of £175,000. Permission to appeal is refused as the decision applies settled legal principles to the facts.

Parties
Claimant: Mrs Adelle Challinor and 20 Others; Defendant and Part 20 Claimant: Juliet Bellis & Co; Second Defendant and Part 20 Defendant: Mr Geoffrey Egan
Jurisdiction
England and Wales
Judgment Date
19 March 2013
Procedural Posture
Civil / Supplemental Judgment on Consequential Issues Following Main Judgment
Outcome
Judgment for claimants on consequential issues; costs and interest orders made; permission to appeal refused.
Legal Topics
Equitable Compensation, Interest on Judgment, Costs Orders, Resulting Trust, Breach of Trust, Solicitors' Duties, Permission to Appeal
Equity Trusts Restitution Professional Negligence Equitable Compensation Interest on Judgment Costs Orders Resulting Trust +3 more

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Parties

Mrs Adelle Challinor and 20 Others

Claimant

Juliet Bellis & Co

Defendant and Part 20 Claimant

Mr Geoffrey Egan

Second Defendant and Part 20 Defendant

Procedural Posture

Civil / Supplemental Judgment on Consequential Issues Following Main Judgment

Legal Issues

  1. 1 Whether claimants are entitled to equitable compensation and at what amount
  2. 2 Appropriate rate and period for interest on principal sums and costs
  3. 3 Allocation of liability for costs among parties

Ratio Decidendi

The claimants are entitled to equitable compensation of £2,280,000, with interest at 1% above base rate to 13 December 2007 and 3% above base rate thereafter, reflecting a fair proxy for loss of use of funds by sophisticated investors. The Defendant Firm must pay 90% of the claimants' costs, with a payment on account of £750,000, and pay Mr Egan's Part 20 costs with a payment on account of £175,000. Permission to appeal is refused as the decision applies settled legal principles to the facts.

Court Disposition

Judgment for claimants on consequential issues; costs and interest orders made; permission to appeal refused.

Orders

  • Claimants awarded equitable compensation of £2,280,000 apportioned among them.
  • Interest awarded at 1% above base rate to 13 December 2007, then 3% above base rate to judgment.