Diamantis Diamantides v JP Morgan Chase Bank & Ors

Diamantis Diamantides v JP Morgan Chase Bank & Ors

Mr Diamantides was not a customer of the bank in his personal capacity; all dealings were with the company Pollux, which had its own legal personality. Any loss suffered was that of Pollux, not Mr Diamantides. The claim by Mr Diamantides was a contrived attempt to circumvent the statutory regime and the principle of reflective loss. The pleadings disclosed no reasonable cause of action and were struck out.

Parties
Claimant: Diamantis Diamantides; Defendant: JP Morgan Chase Bank & Others
Jurisdiction
England and Wales
Judgment Date
25 February 2005
Procedural Posture
Commercial / Strike Out Application; Judgment on Reasons for Oral Decision
Outcome
Claim by Mr Diamantides struck out
Legal Topics
Reflective Loss, Piercing the Corporate Veil, Banker Customer Relationship, Strike Out Applications, Fiduciary Duty, Negligence
Banking Law Company Law Contract Law Reflective Loss Piercing the Corporate Veil Banker Customer Relationship Strike Out Applications Fiduciary Duty +1 more

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Parties

Diamantis Diamantides

Claimant

JP Morgan Chase Bank & Others

Defendant

Procedural Posture

Commercial / Strike Out Application; Judgment on Reasons for Oral Decision

Legal Issues

  1. 1 Whether Mr Diamantides had a direct claim against the bank as a customer or whether only Pollux (the company) had standing
  2. 2 Whether the claim by Mr Diamantides should be struck out as disclosing no reasonable cause of action
  3. 3 Application of the reflective loss principle to shareholder claims

Ratio Decidendi

Mr Diamantides was not a customer of the bank in his personal capacity; all dealings were with the company Pollux, which had its own legal personality. Any loss suffered was that of Pollux, not Mr Diamantides. The claim by Mr Diamantides was a contrived attempt to circumvent the statutory regime and the principle of reflective loss. The pleadings disclosed no reasonable cause of action and were struck out.

Court Disposition

Claim by Mr Diamantides struck out

Orders

  • Claim by Mr Diamantides is struck out.