GI Globinvestment Limited & Anor v XY ERS UK Limited

Facts

G.I. Globinvestment Limited (GIG), used by the di Montezemolo family to make and hold investments, and Mr Matteo Cordero di Montezemolo (MDM), a high net worth member of that family, engaged XY ERS UK Limited (XY), part of a group founded and owned by Mr Migani, to provide investment-related consultancy services. XY proposed investments in structured products, and GIG and MDM also invested in the Skew Base Fund, a Luxembourg reserved alternative investment fund set up by Twinkle Capital SA with Mr Migani's involvement. Its general partner, SB GP, was owned by Twinkle, which was in turn owned by Mr Migani. In March 2020 market falls forced the liquidation of two compartments and wiped out the HFPO investment, with substantial losses to GIG and MDM. They sued XY, Mr Migani and others in fraud, conspiracy, breach of fiduciary duty, dishonest assistance and breach of contractual, tortious and regulatory duties. After a trial of some 28 days, Jacobs J held on 28 March 2025 that all the claims failed and that XY succeeded on its counterclaim for outstanding fees. He found a fiduciary relationship but held that XY owed no positive duty to disclose all relevant information and that GIG and MDM had given informed consent. GIG and MDM appealed against the rejection of the fiduciary duty claim against XY, with permission on grounds 1, 2, 4 and 5.