Sears and another v Minco plc and others

Misrepresentation – Fraudulent misrepresentation. The Chancery Division dismissed the claimants' claim that the first claimant, S, had been induced to purchase shares in a mining company as a result of misrepresentations made by the defendants. On the evidence, none of the defendants had had actual knowledge of the relevant provisions of the joint venture agreement between the parties and had wilfully misstated the same. Further, the claimants' alternative case founded upon either absence of any honest belief in the truth of the relevant representation or recklessness as to its truth would be rejected.

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