Ponente: PEREZ, J.

Decision Date: 2016-12-05

GR Number: G.R. No. 204014

Digest Team 4 months ago
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Summary:

This case involves a dispute between the Philippine Stock Exchange, Inc. (PSE) and the Litonjua Group regarding the refund of a payment made by the Litonjua Group to PSE. The Litonjua Group had entered into a letter-agreement with Trendline Securities, Inc. for the acquisition of an 85% majority equity of Trendline's membership seat in PSE. As part of the agreement, the Litonjua Group paid PSE an amount of P19,000,000. However, PSE refused to lift the suspension on Trendline's seat and did not return the payment. The Litonjua Group filed a complaint for collection of sum of money with damages against PSE, seeking a refund of the payment. The trial court ruled in favor of the Litonjua Group, ordering PSE to refund the amount, pay exemplary damages, attorney's fees, and costs of suit. PSE appealed to the Court of Appeals, which affirmed the trial court's decision.

Doctrine:

The court applied the principles of unjust enrichment and estoppel in ordering PSE to return the payment received from the Litonjua Group. Unjust enrichment occurs when a person retains a benefit at the expense of another without a valid basis or justification. Estoppel, on the other hand, prevents a party from speaking against its own act, representations, or commitments to the injury of another who reasonably relied on them.

Facts:

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Issues Ratio:

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Dispositive:

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Other Notes:

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

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