United States Securities & Exchange Commission v Manterfield [2008] EWHC 1349 (QB) (16 May 2008)

United States Securities & Exchange Commission v Manterfield [2008] EWHC 1349 (QB) (16 May 2008)

The SEC has a good arguable case for fraud, there is a real risk of dissipation of assets, the dispensation rule applies to the SEC as a public body so no cross-undertaking in damages is required, and the relief sought is not penal but equitable, thus the freezing order should be continued.

Citation
[2008] EWHC 1349
Parties
Claimant: United States Securities and Exchange Commission; Defendant: Glenn Anthony Manterfield
Jurisdiction
England and Wales
Judgment Date
16 May 2008
Procedural Posture
Application for Continuation of Freezing Injunction / Interlocutory Hearing
Outcome
Freezing order continued
Legal Topics
Freezing Injunctions, Enforcement of Foreign Judgments, Cross Undertaking in Damages, Penal Law Exception, Article 6 ECHR
Civil Procedure International Law Equity Freezing Injunctions Enforcement of Foreign Judgments Cross Undertaking in Damages Penal Law Exception Article 6 ECHR

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Parties

United States Securities and Exchange Commission

Claimant

Glenn Anthony Manterfield

Defendant

Procedural Posture

Application for Continuation of Freezing Injunction / Interlocutory Hearing

Legal Issues

  1. 1 Whether SEC has a good arguable case for freezing injunction
  2. 2 Risk of dissipation of assets by defendant
  3. 3 Whether SEC should be required to give cross-undertaking in damages

Ratio Decidendi

The SEC has a good arguable case for fraud, there is a real risk of dissipation of assets, the dispensation rule applies to the SEC as a public body so no cross-undertaking in damages is required, and the relief sought is not penal but equitable, thus the freezing order should be continued.

Court Disposition

Freezing order continued

Orders

  • Continuation of freezing injunction against Glenn Anthony Manterfield's assets
  • No requirement for SEC to provide cross-undertaking in damages