Jordan Arthur Kirkness

Hampton Securities Limited appealed a summary judgment decision dismissing its claim against Joseph Tassone for accumulated trading losses in an inventory account.

The motion judge found that the employment contract did not impose personal liability on Tassone for losses exceeding his personal reserve account.

The Court of Appeal upheld the decision, finding no palpable and overriding error in the motion judge's interpretation of the employment contract terms and rejection of an implied indemnity obligation.

The court distinguished the case from Refco Futures on its facts and rejected Hampton's arguments regarding industry practice and notice period issues.

This endorsement addresses the costs of a successful partial summary judgment motion brought by the Tassones against Hampton Securities Limited.

The Tassones had successfully dismissed Hampton's claims for over $600,000 in trading losses and relief under the Fraudulent Conveyances Act.

The court found the Tassones were entirely successful on the principal claims and awarded them partial indemnity costs, rejecting Hampton's arguments for divided success or disentitlement due to unproven allegations.

The quantum of costs, fixed at $48,500.54, was deemed fair and reasonable, considering the importance of the issues and the comparable legal expenses incurred by both parties.