November 5 2007
START DATE
END DATE
November 8 2007
First Atlantic Commerce Limited v. The Bank of Bermuda Limited
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda
CIVIL JURISDICTION
Kawaley J.
Victor Lyon Q.C. Jan Woloniecki
Barbara Dohmann Q.C. Andrew Martin
FACTS OF THE CASE:
Action stemmed from allegations of negligent breach of contract by the Bank leading to significant losses for FAC. Dispute over the recoverability of these losses and the contractual liability. Bank offered to relinquish certain shares to FAC reducing the quantum of FAC?s claim substantially leading to discontinuance of the trial.
SUMMARY:
Whether the Bank was liable for the losses and if the losses incurred by FAC were recoverable from the Bank.
OUTCOMES:
FAC granted one-third of its costs allowed to discontinue action; Bank allowed to discontinue its Counterclaim with no order as to the costs of the Counterclaim.
RULED IN FAVOUR OF:
FAC for the substantial part
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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First Atlantic Commerce Limited v. The Bank of Bermuda Limited
Action stemmed from allegations of negligent breach of contract by the Bank leading to significant losses for FAC. Dispute over the recoverability of these losses and the contractual liability. Bank offered to relinquish certain shares to FAC reducing the quantum of FAC?s claim substantially leading to discontinuance of the trial.