Thursday, April 2, 2009

Myerson v Myerson

I thought I had the scoop of the day when I read the news of the Myerson judgement as it came out yesterday but I didn't have any time to blog and many blawgers got there first. The case was important in England & Wales because of it's implications for big money cases in which wealth has been lost through the financial crash.

Myerson v Myerson was the case that financier Brian Myerson (see my earlier post) took to the Court of Appeal to renegotiate his divorce settlement because his wealth had been reduced by the current recession. It was ruled that the settlement couldn't be revisited as a result of "natural price fluctuation.""When a businessman takes a speculative position in compromising his wife's claims, why should the court subsequently relieve him of the consequences of his speculation by rewriting the bargain at his behest?" said Lord Justice Thorpe. Giving the ruling he said those "contemplating an attempt to reopen an existing ancillary relief order on the grounds of subsequently encountered financial eclipse would be "well advised to heed the warning that very few successful applications have been reported". The judgement is here.

Full story Source The Independent 2/4/09

Update: According to The Guardian Brian Myerson is to appeal to the House of Lords.

Full story Source The Guardian 2/4/09


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