Test entry - Ennismore Fund Management Ltd (Respondent) v Fenris Consulting Ltd (Appellant) (Cayman Islands)

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Case summary
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Case summary

Case ID

JCPC/2020/0076

Jurisdiction

Cayman Islands

Parties

Appellant(s)

Fenris Consulting Ltd

Respondent(s)

Ennismore Fund Management Ltd

Issue

Did the Court of Appeal of the Cayman Islands err in respect of (i) the basis on which it calculated the damages payable to Fenris and (ii) its decision that the period of loss ended at the first instance judgment in 2012, rather than in May 2016.

Facts

Ennismore is an investment manager of a number of funds. Ennismore engaged Mr Vigeland for consultancy services from June 2004 to 2009 through Fenris, a consultancy company, pursuant to a consultancy services agreement signed by Fenris (the CSA). The CSA was terminated by Ennismore in February 2009. In 2006, the parties had also agreed terms under which Ennismore could claw back amounts in respect of bonuses paid to Fenris in certain circumstances (the Clawback Agreement). Following termination of the CSA, Ennismore sought to exercise rights under the Clawback Agreement, which Fenris disputed. In February 2009, Ennismore obtained a freezing over assets of approximately £2.3 million in support of its claim. Ennismore’s claim succeeded at first instance, but was overturned on appeal to the JCPC, upon which an inquiry into damages followed. At first instance, the judge accepted Fenris’ contention that but for the freezing order, it would have invested the sums in funds similar to the funds managed by Ennismore. The judge awarded Fenris damages of c.€5.35 million. Ennismore appealed to the Court of Appeal, who set aside the judge’s decision and substituted it with an award of €558,034.89 in damages. Fenris now appeals to the JCPC.