Vale SA v Steinmetz

Subject Matter

TRUSTS — Constructive trust — Trust arising on rescission of agreement

[2020] EWHC 3501 (Comm), QBD

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

[2021] EWCA Civ 1087; [2021] 2 Lloyd's Rep 601; [2021] WLR(D) 391, CA

Appellate History