COUNSEL & SOLICITOR:
For the 1st defendant – Lim Kian Leong (Tan Wei Wei with him); M/s Lim Kian Leong & Co
HIGH COURT
TRUSTS: Trustees – Breach of Trust – Plaintiff’s claim against fund manager and custodian of funds for missing funds – Fraud by fund manager’s employee – Breach of fiduciary duties – Whether fund manager liable for missing funds caused by fraudulent acts of employee – Whether there was fiduciary relationship between plaintiff and first defendant custodian – Whether custodian breached its fiduciary duties to plaintiff by failing to take steps to verify false instructions from fund manager’s employee
TORT: Negligence – Duty of care – Failure to exercise due care and diligence – Economic loss – Plaintiff’s claim against fund manager and custodian of funds for missing funds – Vicarious liability – Whether fund manager vicariously liable for fraudulent acts of employee – Whether employee’s actions were necessary link that caused loss of plaintiff’s funds – Custodian – Fund manager appointed first defendant as custodian of funds – Whether first defendant owed plaintiff duty of care – Damage, remoteness of – Whether fund manager was wholly liable for loss suffered by plaintiff – Claim for contribution and indemnity – Apportionment of liability – Whether blame should be apportioned between fund manager and custodian