Ivanishvili v Credit Suisse Trust: (not) limiting trustee’s liability

Abstract

Listen

Translate article

Abstract The decision in Ivanishvili v Credit Suisse Trust Ltd (“Credit Suisse Trust”) is an important reminder of the high standards expected of trustees and the circumstances in which a trustee will be liable for loss to the trust fund. This article focuses on three ways in which Credit Suisse Trust sought to avoid liability. Two of these are concepts that are prevalent in modern trust deeds: anti-Bartlett clauses and the reservation of powers. The third is an import from the law of tort: the application of the scope of duty principle to claims for breach of fiduciary duty.