FHR European Ventures v Cedar Capital Partners LLC 
- The defendant solicitors advised FHR on the purchase of shares in the Monte Carlo Grand Hotel worth EUR 211.5 million, in return for remuneration
- As a result of the transaction, the solicitors also obtained a EUR 10 million payment, in breach of fiduciary duty as the consent of FHR had not been obtained
- Was the EUR 10 million a personal or proprietary remedy available to the principal?
- Bribes should become the property of the principal as they are effectively a loss to that principal
- Bribes undermine the commercial world
- Bribes do not prejudice other creditors as they shouldn’t have existed in the first place
- The rule that all breaches of fiduciary duties should give rise to proprietary remedies has the added benefit of simplicity
Posted in Commercial Law Revision Notes.
This page was last updated on 13th January 2015