Barings Plc & Anor v Coopers & Lybrand & Ors [2003] EWHC 2371 (Ch) (17 October 2003)

Barings Plc & Anor v Coopers & Lybrand & Ors [2003] EWHC 2371 (Ch) (17 October 2003)

BFS is estopped from reducing the agreed credit of £12.46m for profits received by other Barings companies; commission and interest earned in period one must be credited and subjected to the relevant contributory negligence deduction for that period; damages are to be awarded in Japanese Yen as that currency most truly expresses BFS's loss; interest is to be awarded at the Yen LIBOR rate in Singapore plus 1%.

Citation
[2003] EWHC 2371 (Ch)
Parties
Claimants: BARINGS Plc (in liquidation) and anr; Defendants: COOPERS & LYBRAND (a firm) and ors; Claimant: BARINGS FUTURES (SINGAPORE) PTE LTD (in liquidation); Defendants: MATTAR and 36 ors
Jurisdiction
England and Wales
Judgment Date
17 October 2003
Procedural Posture
Civil (professional Negligence, Damages) / Post Liability, Quantum of Damages Determination
Outcome
Damages to be awarded in Japanese Yen, with interest at Yen LIBOR plus 1%; BFS's arguments for reduction of the agreed credit and for judgment in Singapore Dollars are rejected.
Legal Topics
Auditor Negligence, Damages Assessment, Contributory Negligence, Currency of Judgment, Interest on Damages
Professional Negligence Company Law Damages Auditor Negligence Damages Assessment Contributory Negligence Currency of Judgment Interest on Damages

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Parties

BARINGS Plc (in liquidation) and anr

Claimants

COOPERS & LYBRAND (a firm) and ors

Defendants

BARINGS FUTURES (SINGAPORE) PTE LTD (in liquidation)

Claimant

MATTAR and 36 ors

Defendants

Procedural Posture

Civil (professional Negligence, Damages) / Post Liability, Quantum of Damages Determination

Legal Issues

  1. 1 Whether D&T should be relieved from liability for profits received by other Barings companies arising from Leeson's switching business up to April 1994 and the quantum thereof
  2. 2 How BFS's earnings during period one are to be treated in the calculation of damages given periods of profit and loss and stepped contributory negligence deductions
  3. 3 In which currency BFS's loss is to be expressed for judgment (Japanese Yen or Singapore Dollars)

Ratio Decidendi

BFS is estopped from reducing the agreed credit of £12.46m for profits received by other Barings companies; commission and interest earned in period one must be credited and subjected to the relevant contributory negligence deduction for that period; damages are to be awarded in Japanese Yen as that currency most truly expresses BFS's loss; interest is to be awarded at the Yen LIBOR rate in Singapore plus 1%.

Court Disposition

Damages to be awarded in Japanese Yen, with interest at Yen LIBOR plus 1%; BFS's arguments for reduction of the agreed credit and for judgment in Singapore Dollars are rejected.

Orders

  • Damages to be calculated in Japanese Yen
  • Interest to be awarded at Yen LIBOR plus 1%