The appellant suffered significant losses in his commodities trading account and successfully sued his brokerage firm for negligent supervision.
The trial judge awarded damages but deducted profits the appellant had made in previous years.
The appellant appealed the quantum of damages and the dismissal of his breach of fiduciary duty claim.
The Court of Appeal upheld the finding that no fiduciary duty existed, as the appellant was an experienced trader who directed his own account.
However, the Court allowed the appeal on damages, holding that the trial judge erred in deducting past profits, as each trade was a separate transaction and the earlier profitable trades did not constitute an actionable tort.
Damages were increased to $405,741.