Acer Investment Management Ltd & Anor v The Mansion Group Ltd [2014] EWHC 3011 (QB) (17 September 2014)

Acer Investment Management Ltd & Anor v The Mansion Group Ltd [2014] EWHC 3011 (QB) (17 September 2014)

The contract between Mansion and Acer was concluded on the terms of the draft agency agreement discussed at the meeting referred to in the 31 October 2011 email. There was no cap on override commission. The Claimants introduced GWMS and are entitled to override commission. There was no exclusivity or implied duty...

Source-derived case information.

Citation
[2014] EWHC 3011 (QB)
Parties
Claimant: Acer Investment Management Ltd; Claimant: Quantum Investment Management Solutions LLP; Defendant: The Mansion Group Ltd
Jurisdiction
England and Wales
Judgment Date
17 September 2014
Procedural Posture
Commercial Claim for Unpaid Commission and Damages / High Court Trial, Judgment
Outcome
Judgment for the Claimants
Legal Topics
Agency Agreements, Commission Entitlement, Implied Terms, Authority of Agents, Repudiatory Breach, Override Commission, Trail Commission, Contract Formation, Remedies for Breach
Contract Law Commercial Law Agency Agreements Commission Entitlement Implied Terms Authority of Agents Repudiatory Breach Override Commission +3 more

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Parties

Acer Investment Management Ltd

Claimant

Quantum Investment Management Solutions LLP

Claimant

The Mansion Group Ltd

Defendant

Procedural Posture

Commercial Claim for Unpaid Commission and Damages / High Court Trial, Judgment

Legal Issues

  1. 1 Whether the parties reached an agreement in the terms of the draft agency agreement or an ad hoc agreement
  2. 2 Who was the contracting party with Mansion: Quantum or Acer
  3. 3 Whether Mansion was entitled to terminate the agreement without notice or only on reasonable notice

Ratio Decidendi

The contract between Mansion and Acer was concluded on the terms of the draft agency agreement discussed at the meeting referred to in the 31 October 2011 email. There was no cap on override commission. The Claimants introduced GWMS and are entitled to override commission. There was no exclusivity or implied duty preventing the Claimants from marketing competing funds, and no repudiatory breach occurred. The Claimants are entitled to initial and trail commission, including for IW and TC.

Court Disposition

Judgment for the Claimants

Orders

  • Defendant to pay unpaid commission and damages to the Claimants as determined by the terms of the agency agreement
  • Defendant to pay trail commission in respect of IW and TC