City Pacific Ltd (in liq) v CBRE (V) Pty Ltd (No 2) [2022] NSWSC 295

City Pacific Ltd (in liq) v CBRE (V) Pty Ltd (No 2) [2022] NSWSC 295

Pre-judgment interest should run from 17 April 2015, being the date ILO entered into a contract to sell the Marina and City Pacific's loss arose. The Court adopts a broad brush approach to costs, ordering defendants to pay a proportion of plaintiffs’ costs varying by period and success, reflecting contributory negligence and additional expense caused by abandoned claims. The Calderbank letter, though resulting in plaintiff achieving a more favourable result, did not justify indemnity costs due to offer breadth, timing, and comparison difficulties. No interest on costs will be awarded, as paid costs were for both plaintiffs, and security for costs will be retained until final resolution of...

Jurisdiction
Australia
Judgment Date
18 March 2022
Procedural Posture
Damages Claim for Misleading Conduct and Negligence / Post Judgment; Costs and Interest Determination After Judgment on Substantive Issues
Outcome
The plaintiff shall bring in short minutes of order reflecting this judgment, on or before 1pm on Monday 21 March 2022.
Legal Topics
['interest on Judgment' 'date of Loss' 'prior Cost Orders' 'calderbank Offer' 'contributory Negligence' 'damages' 'approach to Liability for Costs' 'interest on Costs' 'return of Security for Costs']
['costs' 'negligence' 'misleading or Deceptive Conduct'] ['interest on Judgment' 'date of Loss' 'prior Cost Orders' 'calderbank Offer' 'contributory Negligence' 'damages' 'approach to Liability for Costs' 'interest on Costs' 'return of Security for Costs']

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Procedural Posture

Damages Claim for Misleading Conduct and Negligence / Post Judgment; Costs and Interest Determination After Judgment on Substantive Issues

Legal Issues

  1. 1 ['From what date should pre-judgment interest run?' 'What are the appropriate orders for costs between parties, including indemnity or ordinary basis?' 'Should interest on costs be awarded?' 'Should security for costs be returned to the plaintiffs?' "Should a 'broad brush' approach be adopted for liability for costs?"]

Ratio Decidendi

Pre-judgment interest should run from 17 April 2015, being the date ILO entered into a contract to sell the Marina and City Pacific's loss arose. The Court adopts a broad brush approach to costs, ordering defendants to pay a proportion of plaintiffs’ costs varying by period and success, reflecting contributory negligence and additional expense caused by abandoned claims. The Calderbank letter, though resulting in plaintiff achieving a more favourable result, did not justify indemnity costs due to offer breadth, timing, and comparison difficulties. No interest on costs will be awarded, as paid costs were for both plaintiffs, and security for costs will be retained until final resolution of...

Court Disposition

The plaintiff shall bring in short minutes of order reflecting this judgment, on or before 1pm on Monday 21 March 2022.

Orders

  • ['Pre-judgment interest to be calculated from 17 April 2015 at prescribed rate until date of judgment pursuant to s 100 Civil Procedure Act 2005 (NSW).' 'Costs to be apportioned using broad brush approach as proposed by defendants: varying percentages for plaintiffs’ costs by period and event, reflecting success and...