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In The Matter Of The Trust Law (2001 Revision). FSD 180 of 2010, Smellie CJ, 13 August 2012

December 2012 Trusts

CAYMAN ISLANDS

HIGH COURT (COMMERCIAL DIVISION)

TRUSTS AND TRUSTEES - THE FAIR-DEALING RULE - EQUITABLE COMPENSATION AS A FREE STANDING REMEDY - FORFEITURE - ESTOPPEL

A settlement agreement was reached under which two beneficiaries of a trust (the minor, “A” and the mother of the minor, “B”) exited the trust. The settlement agreement was brought before the Court for approval. Orders were made by the Court as to the mechanism for valuing the trust assets and the settlement was approved by the Court. After the settlement, A and B brought an action against the Trustees for, inter alia, breach of the fair-dealing rule, on the ground that the valuations underpinning the settlement agreement failed to reflect a transaction that was being negotiated by the Trustees during the settlement talks. It was alleged that this transaction would have had a material impact on the value of the trust assets and that the exiting beneficiaries were deprived its benefit by exiting the trust when they did.

 

To continue reading full articles in PDF format:
In The Matter Of The Trust Law (2001 Revision). FSD 180 of 2010, Smellie CJ, 13 August 2012

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

In The Matter Of The Trust Law (2001 Revision). FSD 180 of 2010, Smellie CJ, 13 August 2012

01 December 2012

CAYMAN ISLANDS

HIGH COURT (COMMERCIAL DIVISION)

TRUSTS AND TRUSTEES - THE FAIR-DEALING RULE - EQUITABLE COMPENSATION AS A FREE STANDING REMEDY - FORFEITURE - ESTOPPEL

A settlement agreement was reached under which two beneficiaries of a trust (the minor, “A” and the mother of the minor, “B”) exited the trust. The settlement agreement was brought before the Court for approval. Orders were made by the Court as to the mechanism for valuing the trust assets and the settlement was approved by the Court. After the settlement, A and B brought an action against the Trustees for, inter alia, breach of the fair-dealing rule, on the ground that the valuations underpinning the settlement agreement failed to reflect a transaction that was being negotiated by the Trustees during the settlement talks. It was alleged that this transaction would have had a material impact on the value of the trust assets and that the exiting beneficiaries were deprived its benefit by exiting the trust when they did.

 

To continue reading full articles in PDF format:
In The Matter Of The Trust Law (2001 Revision). FSD 180 of 2010, Smellie CJ, 13 August 2012

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com