Oldendorff Carriers GmbH & Co. KG v Tharmalingam [2019] FCA 2020

Oldendorff Carriers GmbH & Co. KG v Tharmalingam [2019] FCA 2020

The Court adopted the referees' report as to damages and costs, finding no valid ground not to do so. The settlement agreement did not operate, as its condition (payment) was unmet. Pre-judgment interest was awarded on a US dollar judgment sum at the prevailing official US interest rates plus an average margin, reflecting the proper compensatory approach for foreign currency judgments under s 51A.

Parties
Applicant: Oldendorff Carriers GmbH & Co. KG; First Respondent: Shankaralingam Tharmalingam; Second Respondent: Battelle Holdings Pty Ltd
Jurisdiction
Australia
Judgment Date
18 December 2019
Procedural Posture
Application to Adopt Referee's Report / Judgment
Outcome
Referee's report adopted. Judgment for applicant.
Legal Topics
Referee's Report Adoption, Damages Assessment, Costs, Pre Judgment Interest, Foreign Currency Judgment
Practice and Procedure Admiralty and Maritime Damages Referee's Report Adoption Damages Assessment Costs Pre Judgment Interest Foreign Currency Judgment

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Parties

Oldendorff Carriers GmbH & Co. KG

Applicant

Shankaralingam Tharmalingam

First Respondent

Battelle Holdings Pty Ltd

Second Respondent

Procedural Posture

Application to Adopt Referee's Report / Judgment

Legal Issues

  1. 1 Whether the referee's report as to damages and costs should be adopted by the Court
  2. 2 Whether applicants are entitled to pre-judgment interest on a foreign currency amount under s 51A of the Federal Court of Australia Act 1976 (Cth)
  3. 3 Appropriate basis for calculating pre-judgment interest on a judgment sum in United States dollars

Ratio Decidendi

The Court adopted the referees' report as to damages and costs, finding no valid ground not to do so. The settlement agreement did not operate, as its condition (payment) was unmet. Pre-judgment interest was awarded on a US dollar judgment sum at the prevailing official US interest rates plus an average margin, reflecting the proper compensatory approach for foreign currency judgments under s 51A.

Court Disposition

Referee's report adopted. Judgment for applicant.

Orders

  • The respondents pay the applicant USD1,830,408.68 (inclusive of prejudgment interest up to 28 November 2019 of USD271,161.93) pursuant to s 51A of the Federal Court of Australia Act 1976 (Cth)
  • The respondents pay the applicant's costs of AUD32,678