KB-2025-001160 - [2025] EWHC 2369 (KB)
Fecha: 22-Sep-2025
The claim for an account of profits
The claim for an account of profits
Mr Oudkerk complained that no attempt has been made in the POC to identify any profits made by Mr Wheeler. Secondly, the required causal connection between any breach of fiduciary duty and any unauthorised profits – “sufficient connection” with the fiduciary relationship (see Recovery Partners GP Ltd v Rukhadze [2025] 2 WLR 529) - “is not satisfied”.
There is nothing in these points, at least for the purposes of summary disposal. The purpose of an account of profits is that the defendant gives an account of the profits made as a result of the breach of fiduciary duty. If Mr Wheeler requires particulars, these can be requested by him. So it would not be proportionate to strike out the claim for this remedy on the basis that it was insufficiently particularised. The issue of “sufficient connection” is one for trial, to be determined on the basis of the whole of the evidence.
- Heading
- Introduction
- The pleaded claim
- BISL’s reaction to the resignations of Mr Wheeler and the EMEA GPF employees
- The US proceedings
- The legal framework
- The “no reasonable grounds” basis for striking out
- The need for a proportionate approach
- The abuse of process ground for striking out
- Waiver by election
- Part 24
- The grounds on which Mr Wheeler seeks summary disposal
- Ground 1: internal inconsistency in the context of the BISL claim
- Discussion
- Ground 2: inconsistency between the US Proceedings and the Claim
- Discussion
- Ground 3: BISL did not incur the loss in any event
- Discussion
- Ground 4 – quantum claim misconceived?
- Discussion
- Ground 5: equitable claims
- Equitable compensation relief
- The claim for an account of profits
- No constructive trust
- No forfeiture of bonuses
- Ground 6: “inchoate ‘claw back’ claim”
- In any event…
- Conclusions