4 New Square Chambers’ Matthew Bradley KC has successfully obtained summary judgment in Giwa v JNFX & Ors [2024] EWHC 735 (Ch): a high-value and complex deceit claim against a foreign exchange (FX) services provider.
In a judgment handed down today in the Chancery Division, Mr Stuart Isaacs KC (sitting as a Deputy) found JNFX liable in deceit for the actions of its agent, Mr. Mervyn, who disappeared after failing to exchange sums worth approximately US$16 million. The decision holds JNFX responsible for the deceit and resulted in an order for repayment of the substantial sum advanced by Mr. Giwa, totalling around Naira 7.9 billion.
Whilst dismissing JNFX’s denial that Mr Mervyn acted as agent for JNFX, the court also dismissed JNFX’s attempt to rely on its standard terms of business. Claims relating to breach of contract concerning the US dollar amounts will proceed to trial.
Matt led Rumen Cholakov of 3 Verulum Buildings and was instructed by Jonathan Tickner, Vlad Meerovich, and Stefan Ansah of Peters & Peters Solicitors LLP.
Click here to read the full judgment.
