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Rescheduled – STEP Lunchtime Lecture No.03 – Innovative ways of attacking trustees in Hong Kong – lessons for trustees and their advisers
January 13 at 1:00 pm - 2:00 pm
Lunchtime Lecture No. 3 – PLEASE NOTE THAT THIS LUNCHTIME LECTURE BEGINS AT 1PM
Topic: “Innovative ways of attacking trustees in Hong Kong – lessons for trustees and their advisers”
Speakers: Gareth Keillor & Richard Norridge – Herbert Smith Freehills LLP
Hong Kong has seen two cases recently in which disgruntled beneficiaries have tried novel approaches to suing their trustees – one successfully, one not.
The Global Financial Crisis sparked a raft of misselling claims against banks in Hong Kong, almost all were unsuccessful. One recent case saw a different approach to claiming losses arising from investments during that period: instead of a classic misselling claim against the bank, the claim was made against the bank-owned trustee for failure adequately to supervise investments – despite a (seemingly) all-encompassing anti Bartlett clause.
In the second case, the family which founded and still controls the Langham group of hotels has encountered serious rifts between family members. Not only has this led to legal proceedings between family members themselves, but the matriarch, currently 99 years of age, has also sued another Hong Kong bank-owned trustee. In her (so far unsuccessful) claims, she has alleged a raft of different things, including an alleged common understanding between her and the trustee that the trustee would follow her wishes, a so-called “legitimate expectation” claim, various claims around the investment of the trust fund and allegations of conflict of interest.
This presentation will discuss the cases and their implications for trustees in Guernsey, Hong Kong and further afield.
Gareth Keillor has over 13 years’ experience in a wide range of commercial disputes of varying size and complexity, including High Court litigation and offshore jurisdictions (including BVI, Cayman Islands, Isle of Man, Guernsey, Jersey and Bermuda), as well as arbitrations. He has acted for a wide variety of international clients, from major companies to ultra-high net worth individuals and has a particular interest in commercial contract disputes, fraud cases, shareholder disputes and disputes involving injunctive relief.
Richard Norridge is based in London, but travels frequently to Hong Kong and Dubai having worked there previously. His practice is international and spans all major onshore and offshore jurisdictions globally, with a focus on Europe, Asia and the Middle East. Richard acts for ultra-high net worth individuals, their family offices, private banks and other advisers on a range of contentious and non-contentious trust and probate issues together with mental capacity, undue influence, charitable and family company matters. He also has extensive experience in acting for international banks and individuals in cases involving fraud.
Please arrive by 12.45pm for registration.
A polite reminder that if you are hard of hearing please sit in the front five rows for the best auditory experience.
Lecture will start 1pm sharp and last for approx. 45 minutes with 10-15 minutes for questions.
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Yes, tickets are transferrable to a colleague if you find yourself unable to attend.