February 18-26 2008
START DATE
END DATE
March 31 2008
Allen Walsh Hans Taal Boomer Trading Company Limited v. Horizon Bank International Limited (In Liquidation)
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda (Commercial Court)
Commercial Law
Ian Kawaley J
Narinder K. Hargun Christian Luthi
Jan Woloniecki Shade Subair
FACTS OF THE CASE:
The Plaintiffs convinced of fraud by individuals through entities in Antigua and Barbuda The Bahamas and Saint Vincent and the Grenadines engaged in a complex investment scheme involving the sale and repurchase of Microsoft shares through Boomer Trading Company managed by HBI's senior officer Kevin Coombes under the direction of the Toronto Defendants. Assets were pledged without Plaintiffs' consent leading to significant losses.
SUMMARY:
authorization of transactions by Kevin Coombes breach of fiduciary duties fraudulent misrepresentation and tracing of assets to HBI accounts. Outcome: Unauthorised transactions breach of fiduciary duty by HBI and fraudulent misrepresentation established. Tracing claim allowed.
OUTCOMES:
Plaintiff/Claimant
RULED IN FAVOUR OF:
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Allen Walsh Hans Taal Boomer Trading Company Limited v. Horizon Bank International Limited (In Liquidation)
The Plaintiffs convinced of fraud by individuals through entities in Antigua and Barbuda The Bahamas and Saint Vincent and the Grenadines engaged in a complex investment scheme involving the sale and repurchase of Microsoft shares through Boomer Trading Company managed by HBI's senior officer Kevin Coombes under the direction of the Toronto Defendants. Assets were pledged without Plaintiffs' consent leading to significant losses.