The WLR Daily case summaries
[2021] WLR(D) 391
Court of Appeal
Vale SA and others v Steinmetz and others
[2021] EWCA Civ 1087
2021 June 29; July 16
Bean, Males, Lewis LJJ
Trusts— Constructive trust— Trust arising on rescission of agreement— Arbitrators allowing claim for fraudulent misrepresentation following rescission of joint venture agreement but dismissing claim in restitution— Claimants asserting proprietary claim over assets held by third parties as the recipients of traceable proceeds of initial consideration paid by claimants under terms of agreement— Whether proprietary claim against third party barred by arbitral award between contracting parties holding that rescinding party not having personal restitutionary claim to recover consideration payment from contractual counterparty— Whether arbitral award providing third parties with defence to proprietary claim by party to arbitration