CL-2018-000297, CL-2018-000404, CL-2018-000590, - [2025] EWHC 2364 (Comm)

Taking the second possibility first, I do not read Lord Reed’s brief observation, unnecessary to the decision in ITC, as treating traceability of a benefit received by a defendant to a payment or other transfer of value by a claimant as sufficient for the defendant to be treated as enriched at the claimant’s expense for the purpose of a common law unjust enrichment claim. Indeed if that were the law, the decision in ITC would surely have gone the other way. In my view, all Lord Reed was doing by that remark was noting that where proprietary claims are recognised by the law in respect of benefits indirectly, but traceably, derived from what was originally some payment or transfer by a claimant, the law is granting a remedy in respect of a benefit provided to the defendant indirectly from the claimant.