What is the quantum of loss for a beneficiary of a trust that was defrauded by the trustee?
British Columbia, Canada
The following excerpt is from Taylor v Banicevic, 2017 BCSC 1538 (CanLII):
The loss must be assessed on the basis that prudent trustees would seek to maximize the advantages to be derived. Equity will grant a trust beneficiary, or a person who is deprived by breach of fiduciary duty, damages equal to the highest price at which the property, of which they were deprived, could have been sold in the period before the breach was discovered: Valencia v. Yaghdjian, (1996) B.C.J. No. 135 (S.C.) at paras. 35-36.
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