Chvetsov -v- BNP Paribas [2009] JRC 120 (19 June 2009)

Chvetsov -v- BNP Paribas [2009] JRC 120 (19 June 2009)

The order of justice does not disclose a reasonable cause of action against MA, as MA owed no duties in trust law or tort directly to the plaintiff or other beneficiaries; any duties were owed to BNP as trustee, and remedies for beneficiaries exist via actions against the trustee or derivative actions, not direct claims against the agent or nominee.

Citation
[2009] JRC 120
Parties
Plaintiff: Plaintiff (Mr Chvetsov); First Defendant: BNP; Second Defendant: MA
Jurisdiction
Jersey
Judgment Date
19 June 2009
Procedural Posture
Appeal / Appeal Against Master's Decision on Strike Out Application
Outcome
appeal allowed; claim against MA struck out; MA discharged from proceedings
Legal Topics
Duties of Agents and Nominees, Liability of Trustees, Strike Out Applications, Beneficiaries' Rights, Exoneration Clauses
Trust Law Tort Law Duties of Agents and Nominees Liability of Trustees Strike Out Applications Beneficiaries' Rights Exoneration Clauses

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Parties

Plaintiff (Mr Chvetsov)

Plaintiff

BNP

First Defendant

MA

Second Defendant

Procedural Posture

Appeal / Appeal Against Master's Decision on Strike Out Application

Legal Issues

  1. 1 Whether an agent or nominee of a trustee owes duties in trust law or tort directly to beneficiaries of a trust
  2. 2 Whether the claim against the second defendant (MA) discloses a reasonable cause of action

Ratio Decidendi

The order of justice does not disclose a reasonable cause of action against MA, as MA owed no duties in trust law or tort directly to the plaintiff or other beneficiaries; any duties were owed to BNP as trustee, and remedies for beneficiaries exist via actions against the trustee or derivative actions, not direct claims against the agent or nominee.

Court Disposition

appeal allowed; claim against MA struck out; MA discharged from proceedings

Orders

  • Allegations against MA struck out
  • MA discharged from the proceedings