Criminal Client Loses Spread Betting Firm A Bundle

Spread Betting Company Loses Big Time
Charter plc and another v City Index Ltd (David Gawler and others,
Pt 20 Defendants
Chancery Divison
13 October 2006
Daily Law Notes Summary
A claim for knowing receipt of funds transferred in breach of
trust was one “to recover compensation … in respect of damage” for
the purposes of s 6 of the Civil Liability (Contribution) Act
1978. Accordingly, a person liable as a knowing recipient was
entitled to recover a contribution from any other person
responsible for the damage to the trust. Sir Andrew Morritt C so
held in the Chancery Division when allowing, for other reasons, an
application by David Gawler and 12 others for summary dismissal of
a claim by City Index Ltd for a contribution to a settlement it
had agreed in proceedings brought against it by Charter plc and
Charter Central Finance Ltd.

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