Ang v Reliantco Investments Ltd

Ang v Reliantco Investments Ltd

Reliantco breached contract and fiduciary duties by terminating Ms Ang's account and cancelling her trades without valid justification. Clauses permitting cancellation for minor breaches are unfair and not binding under consumer law. Ms Ang is entitled to recover deposited funds, unrealised gains, and loss of investment returns. Reliantco's counterclaim fails as alleged misrepresentations were not material or causative of prior judgments.

Parties
Claimant: Ramona Ang; Defendant: Reliantco Investments Ltd
Jurisdiction
England and Wales
Judgment Date
27 November 2020
Procedural Posture
Commercial Court Claim / Final Judgment After Trial
Outcome
Claim allowed; counterclaim dismissed
Legal Topics
Breach of Contract, Quistclose Trust, Consumer Rights, Misrepresentation, Jurisdiction, Data Accuracy, Indemnity Clauses
Contract Law Trust Law Consumer Protection Data Protection Breach of Contract Quistclose Trust Consumer Rights Misrepresentation +3 more

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Parties

Ramona Ang

Claimant

Reliantco Investments Ltd

Defendant

Procedural Posture

Commercial Court Claim / Final Judgment After Trial

Legal Issues

  1. 1 Whether Reliantco was entitled to terminate Ms Ang's account and cancel her trades
  2. 2 Whether Ms Ang is entitled to recover deposited funds and unrealised gains
  3. 3 Whether Ms Ang breached contract terms by allowing Dr Wright access

Ratio Decidendi

Reliantco breached contract and fiduciary duties by terminating Ms Ang's account and cancelling her trades without valid justification. Clauses permitting cancellation for minor breaches are unfair and not binding under consumer law. Ms Ang is entitled to recover deposited funds, unrealised gains, and loss of investment returns. Reliantco's counterclaim fails as alleged misrepresentations were not material or causative of prior judgments.

Court Disposition

Claim allowed; counterclaim dismissed

Orders

  • Reliantco to pay Ms Ang the balance of deposited funds as at 10 August 2017
  • Reliantco to pay Ms Ang the unrealised gains on open positions as at 10 August 2017