Wednesday, 22 February 2012 22:38
Tom Keast, Q.C., recently secured judgment of $610,000 for our client, Jean Topouzis, who invested money with George Abboud, the former owner of a Yaletown nightclub and several other downtown Vancouver businesses. The investment was to be used to convert the club into a gym but the conversion never occurred and the nightclub was closed 7 years later.
Mr. Keast, a senior partner in our Litigation Group, successfully argued that Mr. Topouzis never received anything for his investment, in spite of the many years that had gone by, and that he should be entitled to all of his money back plus interest. Relying on the rarely used principle of “monies had and received”, or “total failure of consideration”, the court found that Mr. Abboud had not given anything to Mr. Topouzis by way of shares in the nightclub company or any other ownership rights. In such circumstances, even if a small benefit had been received by Mr. Topouzis, since the main purpose of the transaction was not fulfilled, the money had to be returned.
In summary, if you don’t get what you pay for, you may be able to get your money back. To do so you will need the law and the right legal team on your side. If you have a business issue that you need resolved, please contact us to discuss your matter.
For more information on this case, please see read the Supreme Court of British Columbia judgment and the article published in a Vancouver Sun Article.