Mahme Trust Reg & Ors v Lloyds TSB Bank Plc

Mahme Trust Reg & Ors v Lloyds TSB Bank Plc

The Bank was not liable for the four surviving claims as it acted within its mandate, was not a de facto trustee, followed instructions from authorised signatories, and no recoverable damages were established. The Settlement Agreement released all claims by Mrs AB, Mahmoud, and the Shake Trust against the Bank.

Parties
Claimant: Mahme Trust Reg; Claimant: Dr Frank Zindel; Claimant: Dr Mario Zindel; Claimant: Kawther Awni Al Abood; Claimant: Mahmoud Shaker Al Abood; Defendant: Lloyds TSB Bank Plc
Jurisdiction
England and Wales
Judgment Date
05 July 2006
Procedural Posture
Civil / Final Judgment
Outcome
all claims dismissed
Legal Topics
Breach of Trust, Mandate, Fiduciary Duty, Damages, Settlement Agreement, Foreign Exchange, Costs Recovery
Trusts Banking Contract International Law Breach of Trust Mandate Fiduciary Duty Damages +3 more

Case Brief

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Parties

Mahme Trust Reg

Claimant

Dr Frank Zindel

Claimant

Dr Mario Zindel

Claimant

Kawther Awni Al Abood

Claimant

Mahmoud Shaker Al Abood

Claimant

Lloyds TSB Bank Plc

Defendant

Procedural Posture

Civil / Final Judgment

Legal Issues

  1. 1 Whether the Bank breached duties owed to the Shake Trust under Swiss and Liechtenstein law
  2. 2 Whether the Bank was liable for failing to transfer 20% of assets to Goldman Sachs
  3. 3 Whether the Bank was liable for Landglaze payments

Ratio Decidendi

The Bank was not liable for the four surviving claims as it acted within its mandate, was not a de facto trustee, followed instructions from authorised signatories, and no recoverable damages were established. The Settlement Agreement released all claims by Mrs AB, Mahmoud, and the Shake Trust against the Bank.

Court Disposition

all claims dismissed

Orders

  • All claims by Mrs AB, Mahmoud, and the Shake Trust Reg against Lloyds TSB Bank Plc are dismissed.
  • Claims removed by amendment are also dismissed and cannot be revived.