Facts
Investors were given negligent advice by their financial advisers, building societies and solicitors and had claims for breach of statutory duty. The Securities and Investments Board (now under the FSA) started a compensation scheme. To get compensation, investors contracted with the Investors Compensation Scheme to assign their claims. ICS would then sue on the investors' behalf. The claims were assigned, excluding "Any claim (whether sounding in rescission for undue influence or otherwise)" against a building society which would abate sums otherwise owed to that society. The question was whether ICS, and not the investors, had a right to claim damages and rescission against the building societies.
Read more about this topic: Investors Compensation Scheme Ltd V West Bromwich Building Society
Famous quotes containing the word facts:
“One would appear ridiculous who would say, that it is only probable the sun will rise to-morrow, or that all men must die; though it is plain we have no further assurance of these facts than what experience affords us.”
—David Hume (1711–1776)
“Facts as facts do not always create a spirit of reality, because reality is a spirit.”
—Gilbert Keith Chesterton (1874–1936)
“A radical is one of whom people say “He goes too far.” A conservative, on the other hand, is one who “doesn’t go far enough.” Then there is the reactionary, “one who doesn’t go at all.” All these terms are more or less objectionable, wherefore we have coined the term “progressive.” I should say that a progressive is one who insists upon recognizing new facts as they present themselves—one who adjusts legislation to these new facts.”
—Woodrow Wilson (1856–1924)