‘In 2017 The Reading Football Club Limited (‘Reading FC’) raised finance of US$22,374,000 (‘the Financing’) from Global Fixed Income Fund 1 Limited (‘the Fund’).
This is the judgment of the Court on the trial of claims challenging the way in which the Defendants, four of whom are individuals, are alleged to have dealt with the early repayment of the Financing.
In highest level summary, the Claimant alleges that three of the individual Defendants are responsible and liable for the Fund not receiving three sums of money that the Claimant says were contractually due to the Fund upon early repayment of the Financing.
According to the Claimant, two of these sums should have been asked for but were not, and the third was asked for but diverted so that it was received by the Defendants rather than the Fund.
Again in highest level summary, the Defendants allege that with the first two sums the three individual Defendants involved acted on behalf of their employer (the Fund’s investment adviser), followed instructions given on behalf of the Fund, and acted in its best interests. They allege that they were entitled to the third sum.
The claims differ according to which of the three sums of money is involved and which Defendant, but include claims for negligence, claims for breach of fiduciary duty, proprietary claims, claims in deceit, claims for knowing receipt and dishonest assistance, and claims in conspiracy.’
Judges:
The Hon Mr Justice Robin Knowles CBE
Citations:
[2022] EWHC 357 (Comm)
Links:
Jurisdiction:
England and Wales
Contract
Updated: 15 July 2022; Ref: scu.672117