Boardman v Phipps 
- A solicitor for a trust fund noticed a significant opportunity in the accounts of the company
- He utilised this opportunity with the knowledge of some of the trustees, making a significant profit for both the trustees and himself
- Was the solicitor liable for his personal profit?
- The solicitor had acted on information available to him only due to his agency relationship with the trust fund
- He used this information for his own personal profit, which breached his fiduciary obligation not to make any unauthorised profit
- Not all of the trustees consented to the profit
- The solicitor was able to keep a significant equitable allowance for his effort though
- Lord Denning, in the Court of Appeal (current case in House of Lords) advocated a very significant equitable allowance
Posted in Commercial Law Revision Notes.
This page was last updated on 31st December 2014