Victor Pisante & Ors v George Logothetis & Ors

Victor Pisante & Ors v George Logothetis & Ors

Restitutionary relief upon rescission must restore the parties to their actual pre-contractual positions, not a hypothetical position they would have occupied absent the deceit. Therefore, Libra must pay Swindon US$2,741,250 in addition to the US$6,250,000 already ordered. The amendment to plead a new claim for consequential loss is refused as it should have been brought at trial and allowing it now would undermine finality and fairness. Damages against Mr Logothetis are set at US$8,991,250 less any amount paid by Libra. Costs are to be assessed on the indemnity basis from 1 March 2021 due to unreasonable conduct by the defence.

Parties
Claimant: Victor Pisante; Claimant: Swindon Holdings & Finance Limited; Claimant: BCA Shipping Investment Corporation; Claimant: Castor Navigation Limited; Defendant: George Logothetis; Defendant: Lomar Corporation Limited; Defendant: Lomar Shipmanagement Limited; Defendant: Libra Holdings Limited
Jurisdiction
England and Wales
Judgment Date
13 October 2022
Procedural Posture
Commercial Court Claim / Post Trial, Consequential Judgment on Relief, Amendment, Costs, and Interest
Outcome
Amendment application refused; further restitutionary relief granted; damages and costs orders made.
Legal Topics
Rescission, Deceit/fraud, Damages, Restitution, Costs, Interest, Amendment of Pleadings
Contract Law Tort Law Equity Restitution Rescission Deceit/fraud Damages Costs +2 more

Case Brief

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Parties

Victor Pisante

Claimant

Swindon Holdings & Finance Limited

Claimant

BCA Shipping Investment Corporation

Claimant

Castor Navigation Limited

Claimant

George Logothetis

Defendant

Lomar Corporation Limited

Defendant

Lomar Shipmanagement Limited

Defendant

Libra Holdings Limited

Defendant

Procedural Posture

Commercial Court Claim / Post Trial, Consequential Judgment on Relief, Amendment, Costs, and Interest

Legal Issues

  1. 1 Whether Swindon is entitled to further restitutionary relief (US$2,741,250) consequent upon rescission of ETFA 3
  2. 2 Whether damages in addition to restitution should be awarded against Libra and/or Mr Logothetis
  3. 3 Whether to allow amendment to plead a new claim for consequential loss

Ratio Decidendi

Restitutionary relief upon rescission must restore the parties to their actual pre-contractual positions, not a hypothetical position they would have occupied absent the deceit. Therefore, Libra must pay Swindon US$2,741,250 in addition to the US$6,250,000 already ordered. The amendment to plead a new claim for consequential loss is refused as it should have been brought at trial and allowing it now would undermine finality and fairness. Damages against Mr Logothetis are set at US$8,991,250 less any amount paid by Libra. Costs are to be assessed on the indemnity basis from 1 March 2021 due to unreasonable conduct by the defence.

Court Disposition

Amendment application refused; further restitutionary relief granted; damages and costs orders made.

Orders

  • Libra to pay Swindon US$2,741,250 to complete restitution upon rescission of ETFA 3
  • No further damages against Libra beyond restitution