Plumbly v Beatthatquote.Com Ltd.

Plumbly v Beatthatquote.Com Ltd.

The claimant did not breach his contract of employment or fiduciary duty in the ways alleged by the defendant. The operation of the AABTL website did not constitute direct competition with BTQ, and the claimant was entitled to exercise the share option agreement. The appropriate remedy is damages, calculated based on forecasted revenues, a revenue multiplier, and a minority shareholder discount.

Parties
Claimant: Gregory Morgan Plumbly; Defendant: BeatthatQuote.com Ltd
Jurisdiction
England and Wales
Judgment Date
27 February 2009
Procedural Posture
Civil / Final Judgment
Outcome
Judgment for the claimant
Legal Topics
Share Option Agreements, Breach of Contract, Fiduciary Duties, Competition, Remedies, Valuation of Shares
Contract Law Employment Law Company Law Share Option Agreements Breach of Contract Fiduciary Duties Competition Remedies +1 more

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Parties

Gregory Morgan Plumbly

Claimant

BeatthatQuote.com Ltd

Defendant

Procedural Posture

Civil / Final Judgment

Legal Issues

  1. 1 Whether the claimant breached his contract of employment and fiduciary duty by operating a competing website and divulging confidential information
  2. 2 Whether the claimant was entitled to exercise the share option agreement
  3. 3 Assessment of damages for breach of contract

Ratio Decidendi

The claimant did not breach his contract of employment or fiduciary duty in the ways alleged by the defendant. The operation of the AABTL website did not constitute direct competition with BTQ, and the claimant was entitled to exercise the share option agreement. The appropriate remedy is damages, calculated based on forecasted revenues, a revenue multiplier, and a minority shareholder discount.

Court Disposition

Judgment for the claimant

Orders

  • Claimant entitled to damages calculated on the basis of forecasted revenues of £13.34 million, a multiplier of 1.2, and a 65% minority shareholder discount.
  • Tax treatment of damages to be addressed in a supplementary judgment.