Pacific Carriers Ltd -v- Banque Nationale de Paris [2001] NSWSC 963

Pacific Carriers Ltd -v- Banque Nationale de Paris [2001] NSWSC 963

Judgment was given in US dollars, being the transaction currency and reflective of the loss suffered; conversion dates and rates were set in accordance with actual payment or loss incidence dates where possible; interest fixed at SIBOR plus 1.5% was found appropriate; and costs orders followed the general rule except in cross-claims, with no basis for indemnity costs established.

Parties
Plaintiff: Pacific Carriers Limited; First Defendant: Banque Nationale de Paris; Cross Defendant: Swiss Singapore Overseas Enterprises; Cross Defendant: New England Agricultural Traders
Jurisdiction
Australia
Judgment Date
24 October 2001
Procedural Posture
Equity (admiralty) / Supplementary Reasons and Final Orders After Principal Judgment
Outcome
Judgment for plaintiff against first defendant for US$4,378,788.49 (damages plus interest); costs orders set as per detailed orders; cross-claims dismissed with specific cost directions.
Legal Topics
Judgment Currency, Interest Calculation, Costs Orders, Cross Claims, Negligence by Bank in Documentary Credits, Letters of Indemnity, Damages Calculation
Admiralty Equity Judgment Currency Interest Calculation Costs Orders Cross Claims Negligence by Bank in Documentary Credits Letters of Indemnity +1 more

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Parties

Pacific Carriers Limited

Plaintiff

Banque Nationale de Paris

First Defendant

Swiss Singapore Overseas Enterprises

Cross Defendant

New England Agricultural Traders

Cross Defendant

Procedural Posture

Equity (admiralty) / Supplementary Reasons and Final Orders After Principal Judgment

Legal Issues

  1. 1 In which currency should the judgment be expressed?
  2. 2 What date and rate should be used for currency conversion?
  3. 3 What rates are appropriate for judgment interest?

Ratio Decidendi

Judgment was given in US dollars, being the transaction currency and reflective of the loss suffered; conversion dates and rates were set in accordance with actual payment or loss incidence dates where possible; interest fixed at SIBOR plus 1.5% was found appropriate; and costs orders followed the general rule except in cross-claims, with no basis for indemnity costs established.

Court Disposition

Judgment for plaintiff against first defendant for US$4,378,788.49 (damages plus interest); costs orders set as per detailed orders; cross-claims dismissed with specific cost directions.

Orders

  • Judgment for Pacific Carriers Limited against Banque Nationale de Paris in the sum of US$4,378,788.49 (damages US$4,237,207.47 plus interest US$141,581.02) as of 24 October 2001.
  • Banque Nationale de Paris to pay Pacific Carriers Limited's costs of proceedings, subject to order of 26 July 2000.