CLAVIS SECURITIES PLC & ORS v INTERTRUST MANAGEMENT LIMITED & ORS

CLAVIS SECURITIES PLC & ORS v INTERTRUST MANAGEMENT LIMITED & ORS

The claim was struck out because it was based on a false assertion regarding the appointment of Highbury Investments Limited as trustee, which had already been rejected in previous proceedings. The claim was also an abuse of process, brought in breach of an injunction and as a collateral attack on prior orders.

Parties
Claimant: Clavis Securities PLC; Claimant: Clavis Options; Claimant: Digital Asset Partners; Claimant: Saret Holdings Corporation; Defendant: Intertrust Management Limited; Defendant: Second Defendant (not named); Defendant: Third Defendant (not named); Defendant: Fourth Defendant (not named); Defendant: Fifth Defendant (not named); Defendant: Sixth Defendant (not named, BCLP); Defendant: Seventh Defendant (not named, BCLP)
Jurisdiction
England and Wales
Judgment Date
03 December 2021
Procedural Posture
Commercial / Application for Strike Out And/or Summary Judgment
Outcome
Claim struck out; summary judgment entered for defendants; costs awarded on indemnity basis.
Legal Topics
Strike Out Applications, Summary Judgment, Costs Assessment, Share Trusts, Abuse of Process
Commercial Law Civil Procedure Strike Out Applications Summary Judgment Costs Assessment Share Trusts Abuse of Process

Case Brief

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Parties

Clavis Securities PLC

Claimant

Clavis Options

Claimant

Digital Asset Partners

Claimant

Saret Holdings Corporation

Claimant

Intertrust Management Limited

Defendant

Second Defendant (not named)

Defendant

Third Defendant (not named)

Defendant

Fourth Defendant (not named)

Defendant

Fifth Defendant (not named)

Defendant

Sixth Defendant (not named, BCLP)

Defendant

Seventh Defendant (not named, BCLP)

Defendant

Procedural Posture

Commercial / Application for Strike Out And/or Summary Judgment

Legal Issues

  1. 1 Whether the claim should be struck out for having no reasonable grounds
  2. 2 Whether the claim is an abuse of process or a collateral attack on previous orders
  3. 3 Whether the claim was brought without authority and for improper purpose

Ratio Decidendi

The claim was struck out because it was based on a false assertion regarding the appointment of Highbury Investments Limited as trustee, which had already been rejected in previous proceedings. The claim was also an abuse of process, brought in breach of an injunction and as a collateral attack on prior orders.

Court Disposition

Claim struck out; summary judgment entered for defendants; costs awarded on indemnity basis.

Orders

  • Claim struck out against all defendants
  • Summary judgment entered for defendants