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NEW SUPREME COURT DECISION ON ILLEGALITY

A nine judge Court has given fresh consideration to the defence of illegality in Patel v. Mirza [2016] UKSC 42.
Mr. Patel had paid Mr. Mirza the sum of about £620,000 in order to trade in a manner which would have constituted insider trading. The trading never took place and Mr. Patel sought repayment of the money on the basis of unjust enrichment. Mr. Mirza raised the defence of illegality. The Supreme Court unanimously upheld the Court of Appeal and ordered Mr. Mirza to repay the money.
The judgments are lengthy, with different approaches arriving at the same overall result.

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