The claimant lender sought damages from an allegedly negligent valuation by the defendant. It had syndicated its loan, and the defendant now argued that it could only claim for that part of the loan for which it retained ownership.
Held: The claimants had an arguable claim which should be allowed to go to trial. But it was also arguable that, even if the investors now joined fail for any reason to recover damages in respect of their loss, the loss can nevertheless be recoverable, either because Helmsley constituted themselves trustees of the securities and, by implication, the rights associated with the securities, or because Helmsley can rely on the so-called Albazero exception.
Judges:
Longmore, Smith, Briggs LJJ
Citations:
[2010] EWCA Civ 356
Links:
Jurisdiction:
England and Wales
Citing:
Cited – Linden Gardens Trust Ltd v Lenesta Sludge Disposals Ltd and Others; St. Martins Property Corporation Ltd v Sir Robert McAlpine HL 8-Dec-1993
A contractor had done defective work in breach of a building contract with the developer but the loss was suffered by a third party who had by then purchased the development. The developer recovered the loss suffered by the purchaser.
Held: . .
Cited – Technotrade Ltd v Larkstore Ltd CA 27-Jul-2006
A claim was made for damages arising from building operations. Question as to legal effect of assignment of cause of action. . .
Cited – Albacruz (Cargo Owners) v Albazero ‘The Albazero’ HL 1977
The House was asked as to the extent to which a consignor can claim damages against a carrier in circumstances where the consignor did not retain either property or risk. To the general principle that a person cannot recover substantial damages for . .
Cited – Banque Bruxelles Lambert Sa v Eagle Star Insurance Co Ltd and Others CA 24-Feb-1995
The plaintiffs were mortgagees. The defendants were valuers. The defendants negligently over-valued properties and the plaintiffs then accepted mortgages of the properties. Later the property market collapsed and the various borrowers defaulted and . .
Lists of cited by and citing cases may be incomplete.
Damages, Banking
Updated: 17 August 2022; Ref: scu.407767