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COMM 393 (60)

Case Brief - Hodgkinson v. Simms and Waldman – FIDUCIARY DUTY.docx

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University of British Columbia
COMM 393
Patricia Mallia

Hodgkinson v Simms and WaldmanFIDUCIARY DUTY FactsThe plaintiff approached the defendant with the objective of receiving independent financial adviceAfter an initial consultation in which the plaintiff explained his circumstances and investment objectives the defendant made the suggestion that Hodgkinson purchase a stake in Multiple Urban Renewal Buildings or MURBsSubsequently the real estate market collapsed and the plaintiff lost a substantial portion of his investment funds 35050762 in totalWhat the plaintiff did not know at the time however was that the defendant also acted on behalf of the firm the plaintiff invested inAs such the plaintiff argued the defendant should be held liable for his damages suffered due to the breach of fiduciary dutyThis is a summary judgment of the Supreme Courts finding that the defendant is in fact liable for breach of dutyIssues1 Should the defendants failure to disclose his relationship with the MURB firm constitute a breach of fiduciary duty2 If such a breach does exist should the defendant be liable for the plaintiffs losses due to market movementsDecisions1 The defendant is found guilty for a breach of fiduciary duty2 The defendant is ultimately liable for the losses suffered by the plaintiffReasons1 T
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