A trader in carbon emission allowances was liable for knowing receipt of trust property or in restitution where it had bought allowances knowing that the vendor might not have title to or authority to sell them but went ahead with the transaction, deliberately closing its eyes to that risk and failing to make the inquiries that an honest and reasonable person would have made.

Ch D (Stephen Morris QC) 11/1/2012
[2012] EWHC 10 (Ch)