판결 이유
A fiduciary who obtains a profit by virtue of their fiduciary position must account for that profit to the beneficiaries, even if they acted in good faith and even if the trust could not have obtained the profit itself.
사실관계
Boardman was a solicitor to a trust. He and one beneficiary (Tom Phipps) used information gained through the trust to purchase shares in a company, resulting in profit for both themselves and the trust. Another beneficiary (John Phipps) claimed the profits.
판결 요약
The House of Lords held (3-2) that Boardman was a fiduciary and had obtained the shares using information and an opportunity gained through his fiduciary position. He was liable to account for his profits, although he was awarded generous remuneration for his work.
주요 인용문
"The rule of equity which insists on those, who by use of a fiduciary position make a profit, being liable to account for that profit, in no way depends on fraud, or absence of bona fides."
— Lord Guest
후속 처리
Leading authority on the fiduciary duty not to make an unauthorised profit. Applied and discussed extensively in subsequent cases on fiduciary obligations.