The Witz Company LLC & Anor v Edmund Truell

The Witz Company LLC & Anor v Edmund Truell

The CFD was intended to mirror a direct shareholding in Zedra, so TWC is entitled to the value of bonus shares as a 'payment' under the CFD. The correct valuation date is 31 January 2019, and the NAV per share is determined to be £360. TWC is entitled to the value of 362.298752 class A shares (reflecting the bonus issue), amounting to £130,427.55, payable as a fixed sum under the CFD.

Parties
Claimant: The Witz Company LLC; Claimant: Richard Hurwitz; Defendant: Edmund Truell
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Commercial Claim (contract for Difference) / Assessment of Quantum Following Summary Judgment and Consent Order
Outcome
Judgment for the Claimants (TWC and Hurwitz) against the Defendant (Truell) for a fixed sum under the CFD.
Legal Topics
Interpretation of Contracts, Contracts for Difference, Rectification, Valuation of Shares, Bonus Share Issues, Implied Terms
Contract Law Commercial Law Interpretation of Contracts Contracts for Difference Rectification Valuation of Shares Bonus Share Issues Implied Terms

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 17 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

The Witz Company LLC

Claimant

Richard Hurwitz

Claimant

Edmund Truell

Defendant

Procedural Posture

Commercial Claim (contract for Difference) / Assessment of Quantum Following Summary Judgment and Consent Order

Legal Issues

  1. 1 Whether the CFD entitles TWC to the value of bonus shares issued to Zedra shareholders
  2. 2 How to interpret 'payment' under the CFD
  3. 3 What is the correct valuation date and method for the shares under the CFD

Ratio Decidendi

The CFD was intended to mirror a direct shareholding in Zedra, so TWC is entitled to the value of bonus shares as a 'payment' under the CFD. The correct valuation date is 31 January 2019, and the NAV per share is determined to be £360. TWC is entitled to the value of 362.298752 class A shares (reflecting the bonus issue), amounting to £130,427.55, payable as a fixed sum under the CFD.

Court Disposition

Judgment for the Claimants (TWC and Hurwitz) against the Defendant (Truell) for a fixed sum under the CFD.

Orders

  • Defendant to pay TWC £130,427.55 as the sum due under the CFD as of 1 March 2019.
  • Interest at 3% above Bank of England base rate from 2 March 2019 until judgment.