Suzlon Energy Ltd v Bangad (No 2) [2014] FCA 1173

Suzlon Energy Ltd v Bangad (No 2) [2014] FCA 1173

The appropriate rate for pre-judgment interest on foreign currency damages is the relevant commercial rate for those currencies, as established by evidence, not simply the Australian cash rate plus 4%; Ms Hibbard's methodology and evidence were adopted as reasonable, and those rates applied to the judgment sums.

Jurisdiction
Australia
Judgment Date
05 November 2014
Procedural Posture
Second Cross Claim / Judgment and Orders on Pre Judgment Interest (following Prior Substantive Judgment)
Outcome
Judgment for the second cross-claimants against the cross-defendants for specified sums (inclusive of interest) and orders for account turnover, constructive trust, and costs.
Legal Topics
['pre Judgment Interest' 'foreign Currency Judgments' 'constructive Trust']
['damages' 'admiralty'] ['pre Judgment Interest' 'foreign Currency Judgments' 'constructive Trust']

Case Brief

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Procedural Posture

Second Cross Claim / Judgment and Orders on Pre Judgment Interest (following Prior Substantive Judgment)

Legal Issues

  1. 1 ['What is the appropriate rate and method of calculating pre-judgment interest on foreign currency amounts under s 51A of the Federal Court of Australia Act 1976 (Cth)?']

Ratio Decidendi

The appropriate rate for pre-judgment interest on foreign currency damages is the relevant commercial rate for those currencies, as established by evidence, not simply the Australian cash rate plus 4%; Ms Hibbard's methodology and evidence were adopted as reasonable, and those rates applied to the judgment sums.

Court Disposition

Judgment for the second cross-claimants against the cross-defendants for specified sums (inclusive of interest) and orders for account turnover, constructive trust, and costs.

Orders

  • ['Judgment for Suzlon Energy Ltd against various cross-defendants for specified sums in USD, EUR, and AUD (all inclusive of interest).' 'Judgment for Suzlon Infrastructure Limited, now Aspen Infrastructure Limited, against specified cross-defendants for specified USD sums (inclusive of interest).' 'Judgment for SE...