Noble Resources SA & Anor v Gross

Noble Resources SA & Anor v Gross

Mr. Gross knew about, participated in, and encouraged unauthorised speculative trading and its concealment by false contracts, in breach of his employment contract and fiduciary duties, and is liable for deceit and conspiracy to defraud. Noble suffered loss as a direct result, and Mr. Gross must repay his bonus and...

Source-derived case information.

Parties
First Claimant: Noble Resources SA; Second Claimant: Noble Resources Limited; Defendant: Philip Seth Gross; Part 20 Defendant: Noble Europe Limited
Jurisdiction
England and Wales
Judgment Date
19 June 2009
Procedural Posture
Commercial Civil Claim and Counterclaim / Final Judgment After Full Trial
Outcome
Claim allowed; counterclaim dismissed
Legal Topics
Breach of Employment Contract, Deceit, Conspiracy to Defraud, Restitution, Bonus Clawback, Quantum of Damages, Constructive Trust, Wrongful Dismissal, Secret Commissions
Employment Law Contract Law Tort Law Fraud Company Law Breach of Employment Contract Deceit Conspiracy to Defraud +6 more

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Parties

Noble Resources SA

First Claimant

Noble Resources Limited

Second Claimant

Philip Seth Gross

Defendant

Noble Europe Limited

Part 20 Defendant

Procedural Posture

Commercial Civil Claim and Counterclaim / Final Judgment After Full Trial

Legal Issues

  1. 1 Whether Mr. Gross participated in or knew of unauthorised speculative trading and its concealment
  2. 2 Whether Mr. Gross breached his employment contract, committed deceit, and conspired to defraud Noble
  3. 3 Whether Noble suffered loss as a result and the quantum thereof

Ratio Decidendi

Mr. Gross knew about, participated in, and encouraged unauthorised speculative trading and its concealment by false contracts, in breach of his employment contract and fiduciary duties, and is liable for deceit and conspiracy to defraud. Noble suffered loss as a direct result, and Mr. Gross must repay his bonus and pay damages. His counterclaim fails.

Court Disposition

Claim allowed; counterclaim dismissed

Orders

  • Mr. Gross to pay Noble damages of $38,071,400, including repayment of $750,000 bonus
  • Counterclaim for wrongful dismissal and unpaid salary dismissed