Abstract
This case concerned allegations of breach of fiduciary duty, in particular the fair-dealing rule, against Trustees of a Cayman Islands Trust arising from their failure to disclose the possible imminent sale of a significant trust asset when negotiating the terms of exit for two beneficiaries in 1999. The judgment of Chief Justice Smellie contains a number of points of interest for trust and commercial litigators, but most importantly it is a significant step in the development of the law on the availability and assessment of equitable compensation. The Chief Justice determined, first, that equitable compensation is available as a free-standing remedy for breach of the fair-dealing rule in circumstances in which rescission of the impugned transaction is no longer available and, second, that the basis of the assessment of damages is not limited to damages in lieu of rescission. The Chief Justice decided to anonymize the judgment in order to protect the identity of the parties as well as sensitive commercial information regarding the underlying trust assets.
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