Mahon and another v Rahn and others

Abstract

The claimants in these proceedings were a Mr Patrick Mahon and Mr Andrew Kent. The Defendants were partners in the Swiss Bank of Rahn & Bodmer. At the time in which the events giving rise to these proceedings occurred they were respectively, managing director and corporate development manager of TC Coombs, a London‐based firm of stockbrokers over which, at that time, the Securities Association (TSA) had regulatory jurisdiction. The Securities Association subsequently merged with the Association of Futures Brokers and Dealers to become the Securities and Futures Authority (SFA). One of TC Coombs' clients, a Mr Johnson, was under investigation by the Serious Fraud Office (SFO) in early 1990. Mr Johnson had been involved in a complex transaction which involved a meeting between him, Mr Kent and Dr Rhan from the Swiss Bank at the bank's offices. Unsuccessful criminal proceedings centred around that transaction were brought against the claimants but the judge in those proceedings ruled that the claimants had no case to answer.