Siemens v Schenker (No 2) [2001] NSWSC 742

Siemens v Schenker (No 2) [2001] NSWSC 742

Judgment should be entered in Australian currency with conversion at the rates prevailing on the dates of payments made in German currency, reflecting the loss sustained by the plaintiff as an Australian company.

Jurisdiction
Australia
Judgment Date
31 August 2001
Procedural Posture
Civil / Post Substantive Judgment; Determination of Currency, Interest, and Costs
Outcome
Judgment for the plaintiff against the defendants jointly and severally
Legal Topics
['judgment Currency' 'interest Calculation' 'costs Orders']
['civil Procedure' 'commercial Law'] ['judgment Currency' 'interest Calculation' 'costs Orders']

Case Brief

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Procedural Posture

Civil / Post Substantive Judgment; Determination of Currency, Interest, and Costs

Legal Issues

  1. 1 ['In which currency should judgment be entered for an Australian company incurring loss in German currency' 'What dates and exchange rates should be used for currency conversion' 'How should interest be calculated on the amounts awarded' 'Should costs be awarded on the indemnity basis after a rejected settlement offer']

Ratio Decidendi

Judgment should be entered in Australian currency with conversion at the rates prevailing on the dates of payments made in German currency, reflecting the loss sustained by the plaintiff as an Australian company.

Court Disposition

Judgment for the plaintiff against the defendants jointly and severally

Orders

  • ['Judgment entered for $1,688,059.50 against first and second defendants jointly and severally' 'Interest: $494,455.12 calculated to 31 August 2001' 'Defendants to pay plaintiff’s costs: party and party costs up to 6 July 2001, indemnity basis thereafter']