Innovative Ways of Attacking Trustees In Hong Kong - Lessons for Trustees &...

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Pomme d’Or Hotel

Liberation Square

Saint Helier

JE1 3UF

United Kingdom

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SPEAKERS:

Richard Norridge and Tom Leech (Herbert Smith Freehills LLP, London)

Hong Kong has seen two cases recently in which disgruntled beneficiaries have tried novel approaches to suing their trustees – one successfully, one not.

The Global Financial Crisis sparked a raft of misselling claims against banks in Hong Kong, almost all were unsuccessful. One recent case saw a different approach to claiming losses arising from investments during that period: instead of a classic misselling claim against the bank, the claim was made against the bank-owned trustee for failure to adequately supervise investments – despite a (seemingly) all-encompassing anti Bartlett clause. The claim, which is heading to Hong Kong's highest Court, has so far been successful and – given the trust was governed by Jersey law and the scarcity of decisions on anti-Bartlett clauses – this case should be of particular interest to Jersey practitioners.

In the second case, the family which founded and still controls the Langham group of hotels has encountered serious rifts between family members. Not only has this led to legal proceedings between family members themselves, but the matriarch, currently 99 years of age, has also sued another Hong Kong bank-owned trustee. In her (so far unsuccessful) claims, she has alleged a raft of different things, including an alleged common understanding between her and the trustee that the trustee would follow her wishes, a so-called "legitimate expectation" claim, various claims around the investment of the trust fund and allegations of conflict of interest.

Bringing together lawyers from Hong Kong and London, this presentation will discuss the cases and their implications for trustees in Jersey, Hong Kong and further afield.

STEP Jersey is Sponsored by:

  • Carey Olsen

  • Smith & Williamson

  • Savills

  • Intertrust

  • Zedra

Date and Time

Location

Pomme d’Or Hotel

Liberation Square

Saint Helier

JE1 3UF

United Kingdom

View Map

Refund Policy

Contact the organizer to request a refund.

Eventbrite's fee is nonrefundable.

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