MacFirbhisigh and Ching -v- CI Trustees and Others [2015] JRC 233 (17 November 2015)

MacFirbhisigh and Ching -v- CI Trustees and Others [2015] JRC 233 (17 November 2015)

The Court found that the Defendants, in particular CITE and Mr Killmister, owed fiduciary duties to the Plaintiffs as trustees and advisers, and breached those duties by failing to act in the Plaintiffs' best interests and by providing negligent advice regarding the liquidation and investment of assets. The Plaintiffs suffered quantifiable financial loss as a result. The claims against Mr Gidley and Mr Killmister were not barred by prescription as the relevant limitation period had not expired at the time proceedings were commenced.

Citation
[2015] JRC 233
Parties
First Plaintiff: Mr Niall MacFirbhisigh; Second Plaintiff: Mrs Barbara Ching; First Defendant: C. I. Trustees and Executors Limited (CITE); Second Defendant: Mr Steven Gidley; Third Defendant: Mr Gary Killmister; Fourth Defendant (claims Discontinued): Mr Kevin Manning
Jurisdiction
Jersey
Judgment Date
17 November 2015
Procedural Posture
Civil / Judgment After Trial
Outcome
Judgment for the Plaintiffs against the First to Third Defendants
Legal Topics
Breach of Fiduciary Duty, Negligent Misstatement, Breach of Trust, Dishonest Assistance, Prescription (limitation)
Trusts Equity Professional Negligence Breach of Fiduciary Duty Negligent Misstatement Breach of Trust Dishonest Assistance Prescription (limitation)

Case Brief

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Parties

Mr Niall MacFirbhisigh

First Plaintiff

Mrs Barbara Ching

Second Plaintiff

C. I. Trustees and Executors Limited (CITE)

First Defendant

Mr Steven Gidley

Second Defendant

Mr Gary Killmister

Third Defendant

Mr Kevin Manning

Fourth Defendant (claims Discontinued)

Procedural Posture

Civil / Judgment After Trial

Legal Issues

  1. 1 Whether the Defendants owed and breached fiduciary duties to the Plaintiffs in relation to the creation and administration of the Ching Trust 2006
  2. 2 Whether the Defendants were negligent in their advice and actions regarding the Plaintiffs' financial affairs
  3. 3 Whether the Plaintiffs suffered loss as a result of the Defendants' conduct

Ratio Decidendi

The Court found that the Defendants, in particular CITE and Mr Killmister, owed fiduciary duties to the Plaintiffs as trustees and advisers, and breached those duties by failing to act in the Plaintiffs' best interests and by providing negligent advice regarding the liquidation and investment of assets. The Plaintiffs suffered quantifiable financial loss as a result. The claims against Mr Gidley and Mr Killmister were not barred by prescription as the relevant limitation period had not expired at the time proceedings were commenced.

Court Disposition

Judgment for the Plaintiffs against the First to Third Defendants

Orders

  • Defendants to pay equitable compensation and damages to the Plaintiffs for losses relating to Digger shares, AIG bond, and improperly charged fees
  • Defendants to account for and return any improperly retained trust assets or fees