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Home > ATE Caselaw > Su v Clarksons Platou Futures Ltd (2018)

Su v Clarksons Platou Futures Ltd (2018)

Su v Clarksons Platou Futures Ltd (2018)

The Background

A company connected to the Claimant had used its brokers “Clarkson” for financial advice when entering into a buyback agreement with some property buyers. The brokers had structured the transaction so that the Claimant was personally liable for losses. Initially the Claimant disputed this personal liability with the property buyers but by 2015 the court had ruled against the Claimant.

When this occurred, the Claimant turned to his brokers, Clarkson and in November 2015, he issued proceedings against the brokers in which he alleged, amongst other things, that the brokers’ authority was limited to brokering an agreement only with his connected company, and had acted in breach of its warranty of authority by negotiating a contract that bound the Claimant personally.

This claim was time-barred under contract law, as more than six years had elapsed since the cause of action accrued on 7 July 2008. As such, the Claimant’s claim could only proceed if he could rely on section 14A of the Limitation Act 1980. This provides Claimants with a three year extension period in claims for negligence, commencing from the date of knowledge. The section attempts to clarify when limitation starts to run and defines it as the earliest date when a Claimant “first had both the knowledge required for bringing an action for damages in respect of the relevant damage and a right to bring such an action.”

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