The Court of Appeal held that an errant fiduciary (Corsiatto) who breached his duty by soliciting former clients of his employer (H & N) using confidential client lists must account for profits based on 80% of brokerage received, but is entitled to an allowance for time, trouble and expertise at a rate equivalent to his basic remuneration before departure, to avoid unjust enrichment of the principal. The Court also held that the use of confidential information by a sub-broker acting as an independent contractor and agent under a registered broker's (DHB's) licence could be attributed to that broker, applying the principle that he who acts through another is deemed to act himself. The successful party's election for an account of profits rather than equitable compensation could not be reopened on appeal.
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