Kirill Ace Stein v Eugene Jaffe

Kirill Ace Stein v Eugene Jaffe

The claimant failed to establish, on the balance of probabilities, that Mr Anisimov objectively intended to create an express bare trust over the USD2 million payment for Mr Stein. The evidence did not demonstrate sufficiently clear intention to constitute a trust, and the payment was at Pumula's free disposal. Accordingly, no trust arose and the claim for breach of trust must be dismissed.

Parties
Claimant: Kirill Ace Stein; Defendant: Eugene Jaffe
Jurisdiction
England and Wales
Judgment Date
19 September 2025
Procedural Posture
Civil / Judgment After Trial
Outcome
Claim dismissed
Legal Topics
Express Trusts, Bare Trusts, Intention to Create Trust, Breach of Trust, Limitation, Laches, Nominee Appointment
Trusts Equity Commercial Law Express Trusts Bare Trusts Intention to Create Trust Breach of Trust Limitation +2 more

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Parties

Kirill Ace Stein

Claimant

Eugene Jaffe

Defendant

Procedural Posture

Civil / Judgment After Trial

Legal Issues

  1. 1 Whether an express bare trust was created over the USD2 million payment for the benefit of Mr Stein
  2. 2 Whether Mr Jaffe breached duties as trustee
  3. 3 Whether the claim is time barred or defeated by laches

Ratio Decidendi

The claimant failed to establish, on the balance of probabilities, that Mr Anisimov objectively intended to create an express bare trust over the USD2 million payment for Mr Stein. The evidence did not demonstrate sufficiently clear intention to constitute a trust, and the payment was at Pumula's free disposal. Accordingly, no trust arose and the claim for breach of trust must be dismissed.

Court Disposition

Claim dismissed