Singularis Holdings Ltd (in official liquidation) (a company incorporated in the Cayman Islands) v Daiwa Capital Markets Europe Ltd [2017] EWHC 257 (Ch), [2017] All ER (D) 145 (Feb)
The Financial List of the Chancery Division held that, on the facts, the defendant stock broker (Daiwa) was in breach of the duty of care that it had owed to the claimant (Singularis) in making disputed payments to third parties from the client account it had held for the benefit of Singularis, notwithstanding that those payments (in excess of $200m), had been made on the instructions of Singularis’s then owner and sole director. By making those payments without proper or any inquiry, Daiwa was liable to Singularis in negligence and for breach of contract for the sum of $203,741,900, reduced by 25% to take account of Singularis’ contributory negligence. Singularis’ claim of dishonest assistance was dismissed on the facts.
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