UKSC 45
On appeal from:  EWCA Civ 17
FHR European Ventures LLP and others (Respondents) v Cedar Capital Partners LLC (Appellant)
Matthew Collings QC
(Instructed by Farrer and Co LLP)
Christopher Pymont QC
(Instructed by Hogan Lovells International LLP)
LORD NEUBERGER, DELIVERING THE JUDGMENT OF THE COURT
"The rule of equity which insists on those, who by use of a fiduciary position make a profit, being liable to account for that profit, in no way depends on fraud, or absence of bona fides; or upon such questions or considerations as whether the profit would or should otherwise have gone to the plaintiff, or whether the profiteer was under a duty to obtain the source of the profit for the plaintiff, or whether he took a risk or acted as he did for the benefit of the plaintiff, or whether the plaintiff has in fact been damaged or benefited by his action. The liability arises from the mere fact of a profit having, in the stated circumstances, been made."
The decided cases
"[W]here a fiduciary has exploited a commercial opportunity for his own benefit, the relevant question, in my judgment, is not whether the party to whom the duty is owed (the company, in the instant case) had some kind of beneficial interest in the opportunity: in my judgment that would be too formalistic and restrictive an approach. Rather, the question is simply whether the fiduciary's exploitation of the opportunity is such as to attract the application of the rule."
Legal principle and academic articles
Arguments based on principle and practicality