Piroozzadeh v Persons Unknown Category A & Ors [2023] EWHC 1024 (Ch) (02 March 2023)

Piroozzadeh v Persons Unknown Category A & Ors [2023] EWHC 1024 (Ch) (02 March 2023)

The injunction against the eighth defendant must be discharged because the claimant failed to make a fair presentation at the without notice hearing, including not disclosing likely defences such as bona fide purchaser and pooling, not distinguishing the position of the exchange from other defendants, and not explaining why damages would be inadequate or how the injunction could be complied with. The deficiencies were significant, and there is no basis to regrant the injunction.

Citation
[2023] EWHC 1024 (Ch)
Parties
Claimant: Jahangir Piroozzadeh; Defendant: Persons Unknown Category A; Defendant: Persons Unknown Category B; Defendant: OA Capital Holdings Limited; Defendant: Joanne Industry Inc; Defendant: TD Bank NA; Defendant: Kreissparkasse Koeln; Defendant: Brockhaus & Kollegen Rechtsanwaltsgesellschaft mbH; Defendant: Binance Holdings Limited; Defendant: Aux Cayes Fintech Co Ltd
Jurisdiction
England and Wales
Judgment Date
02 March 2023
Procedural Posture
Interim Proprietary Injunction Application (discharge) / Hearing on Application to Discharge Injunction
Outcome
Injunction against the eighth defendant (Binance Holdings Limited) discharged ab initio (from the date it was granted)
Legal Topics
Without Notice Injunctions, Constructive Trusts, Full and Frank Disclosure, Bankers Trust Relief, Tracing of Cryptoassets, Adequacy of Damages, Bona Fide Purchaser Defence
Civil Procedure Equity and Trusts Fraud Cryptocurrency Without Notice Injunctions Constructive Trusts Full and Frank Disclosure Bankers Trust Relief +3 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 5 Authorities cited 9 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Jahangir Piroozzadeh

Claimant

Persons Unknown Category A

Defendant

Persons Unknown Category B

Defendant

OA Capital Holdings Limited

Defendant

Joanne Industry Inc

Defendant

TD Bank NA

Defendant

Kreissparkasse Koeln

Defendant

Brockhaus & Kollegen Rechtsanwaltsgesellschaft mbH

Defendant

Binance Holdings Limited

Defendant

Aux Cayes Fintech Co Ltd

Defendant

Procedural Posture

Interim Proprietary Injunction Application (discharge) / Hearing on Application to Discharge Injunction

Legal Issues

  1. 1 Whether the interim proprietary injunction against the eighth defendant (Binance Holdings Limited) should be discharged for failure to make full and frank disclosure and fair presentation at the without notice hearing
  2. 2 Whether the claimant's representatives failed in their duty to anticipate and present likely defences, including bona fide purchaser and pooling of assets
  3. 3 Whether damages would be an adequate remedy for the claimant

Ratio Decidendi

The injunction against the eighth defendant must be discharged because the claimant failed to make a fair presentation at the without notice hearing, including not disclosing likely defences such as bona fide purchaser and pooling, not distinguishing the position of the exchange from other defendants, and not explaining why damages would be inadequate or how the injunction could be complied with. The deficiencies were significant, and there is no basis to regrant the injunction.

Court Disposition

Injunction against the eighth defendant (Binance Holdings Limited) discharged ab initio (from the date it was granted)

Orders

  • The interim proprietary injunction against the eighth defendant is discharged as from the date on which it was granted.