The exception of fraud in the term sheet releasing Cavell and Mr Randall from liability was not confined to claims in deceit but also included dishonest abuses of fiduciary position. The fact that a fiduciary may be liable for abuse of position without being dishonest does not mean that such a person can never be regarded as fraudulent. The Court of Appeal reversed the decision below on this issue (Cavell USA Inc v Seaton Insurance Co http://www.bailii.org/ew/cases/EWCA/Civ/2009/1363.html).