Stratford Coin & Bullion Inc v Henien & Ors

Stratford Coin & Bullion Inc v Henien & Ors

The claimant is entitled to summary judgment in restitution against the first and second defendants for US$ 301,713.63 plus interest, as the defendants have no pleaded or evidenced defence for retaining this sum. The claimant is also entitled to summary judgment against the third defendant for US$ 26,762.44 and against the fourth defendant for US$ 73,179.50, as there is no defence to these restitutionary claims. The primary claim for the full sum and the existence of a profit-sharing agreement raise factual disputes unsuitable for summary judgment. A conditional order for security is appropriate given the improbability of the defence and insufficient evidence of inability to pay.

Parties
Claimant: Stratford Coin & Bullion Inc; First Defendant: Youssry Henien; Second Defendant: Harry Henien; Third Defendant: Leman Wealth Management SA; Fourth Defendant: London Zurich International Ltd
Jurisdiction
England and Wales
Judgment Date
10 October 2011
Procedural Posture
Commercial / Summary Judgment Application
Outcome
Summary judgment granted in part; conditional order for security granted; primary claim to proceed to trial.
Legal Topics
Summary Judgment, Breach of Contract, Breach of Fiduciary Duty, Restitution, Freezing Injunction, Asset Disclosure, Profit Sharing Agreement, Conditional Order
Commercial Law Equity Contract Law Restitution Summary Judgment Breach of Contract Breach of Fiduciary Duty Freezing Injunction +3 more

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Parties

Stratford Coin & Bullion Inc

Claimant

Youssry Henien

First Defendant

Harry Henien

Second Defendant

Leman Wealth Management SA

Third Defendant

London Zurich International Ltd

Fourth Defendant

Procedural Posture

Commercial / Summary Judgment Application

Legal Issues

  1. 1 Whether the defendants misappropriated funds held for the claimant
  2. 2 Whether there was an oral profit-sharing agreement entitling the defendants to retain trading profits
  3. 3 Whether the defendants are liable in restitution for sums received

Ratio Decidendi

The claimant is entitled to summary judgment in restitution against the first and second defendants for US$ 301,713.63 plus interest, as the defendants have no pleaded or evidenced defence for retaining this sum. The claimant is also entitled to summary judgment against the third defendant for US$ 26,762.44 and against the fourth defendant for US$ 73,179.50, as there is no defence to these restitutionary claims. The primary claim for the full sum and the existence of a profit-sharing agreement raise factual disputes unsuitable for summary judgment. A conditional order for security is appropriate given the improbability of the defence and insufficient evidence of inability to pay.

Court Disposition

Summary judgment granted in part; conditional order for security granted; primary claim to proceed to trial.

Orders

  • Summary judgment for claimant against first and second defendants for US$ 301,713.63 plus interest (amount to be finalized after submissions)
  • Summary judgment for claimant against third defendant for US$ 26,762.44