March 19, 2025
The Supreme Court has handed down a landmark judgment on the scope of a fiduciary’s liability to account for unauthorised profits, rejecting an attempt by the appellants to overturn the judgments in Boardman v Phipps [1967] 2 AC 46 and Regal (Hastings) Ltd v Gulliver (Note) [1967] 2 AC 134 by introducing a ‘but for’ causation test. In light of the significance of the issue, the court assembled a panel of seven judges. Jonathan Crow CVO, KC, represented the successful respondents.
Read the judgment.
