‘The Court of Appeal has overturned a High Court decision that a Sussex law firm wrongly paid out £2.28m it had received from a group of investors in what turned out to be a doomed airport investment scheme.’
Legal Futures, 20th February 2015
Source: www.legalfutures.co.uk
“Withers has been refused permission to appeal to the Supreme Court a dispute brought against it over client money.”
The Lawyer, 11th April 2012
Source: www.thelawyer.com
“The ‘client money pool’ to be distributed among former clients of Lehman Brothers’ London affiliate was not limited to money which had been placed in segregated client accounts, as required by the Financial Services Authority, but extended to identifiable client money which the company had failed to segregate and had retained in its own house accounts. The pool was to be distributed rateably among all clients who had a contractual entitlement to have money segregated and not just those in whose favour segregation had actually occurred.”
WLR Daily, 29th February 2012
Source: www.iclr.co.uk
Withers LLP v Langbar International Ltd [2011] EWCA Civ 1419; [2011] WLR (D) 351
“In asking whether money placed in the client account of a solicitor’s client were subject to a lien in favour of the solicitor the key question was whether the money had been placed in the account for general purposes or for a particular purpose which was incompatible with a lien arising.”
WLR Daily, 5th December 2011
Source: www.iclr.co.uk
“A solicitor was jailed for five years today after pleading guilty to fraud offences, which benefited him to the tune of almost £250,000, police said.”
The Independent, 22nd October 2010
Source: www.independent.co.uk
“A cashier at a firm of solicitors who stole £1.7 million over seven years to finance a luxurious lifestyle for herself and her husband was today jailed for five years.”
The Independent, 15th October 2010
Source: www.independent.co.uk
“The statutory trust created by Chap 7 of the Clients Assets Sourcebook (‘CASS 7’) issued by the Financial Services Authority (‘FSA’) took effect upon the receipt, rather than upon the segregation, of client money. Pending segregation of client money, a firm was obliged to take reasonable steps to ensure that, in relation to client money mixed in its house account with the firm’s own money, clients’ rights in relation to that client money were not put at risk, and the client money was not used for the firm’s own purposes. Client money outside the firm’s segregated accounts did not form part of the client money pool (‘CMP’).”
WLR Daily, 17th December 2009
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
Moriarty and another v Atkinson and others; [2008] WLR (D) 395
“Although a company had been in breach of trust in paying clients’ money into a current account when it had agreed to hold the money in a client account, that breach of trust had occurred before the money could become part of a trust fund so that the clients had no proprietary claim in respect of it.”
WLR Daily, 18th December 2008
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
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