Old Park Capital Maestro Fund Ltd v Old Park Capital Ltd & Ors [2023] EWHC 3057 (Ch) (28 November 2023)

Old Park Capital Maestro Fund Ltd v Old Park Capital Ltd & Ors [2023] EWHC 3057 (Ch) (28 November 2023)

The Fund's judgment was at least as advantageous as its Part 36 offer because both were in US dollars for the same amount, and no currency conversion was required. The offer was a genuine attempt to settle as it gave up a realistic prospect of pre-judgment interest. There were no exceptional circumstances making it unjust to apply the usual Part 36.17(4) consequences. Interest on damages and costs should be awarded at base rate plus 6% from 25 April 2023, and a 15% reduction in recoverable costs before that date was justified due to partial success by BP.

Citation
[2023] EWHC 3057 (Ch)
Parties
Claimant: Old Park Capital Maestro Fund Limited; First Defendant: Old Park Capital Limited; Second Defendant: Mr. Hugo Van Kuffeler; Third Defendant: Mr. Bruno Pannetier
Jurisdiction
England and Wales
Judgment Date
28 November 2023
Procedural Posture
Civil (chancery Division) / Post Trial, Consequential Matters and Costs Judgment
Outcome
Orders made in favour of the Claimant (Fund) against the Third Defendant (BP) under CPR 36.17(4); costs and interest awarded; 15% reduction in pre-25 April 2023 costs; payment on account ordered.
Legal Topics
Part 36 Offers, Fraudulent Misrepresentation, Costs Orders, Interest on Damages, Currency Conversion in Judgments
Civil Procedure Fraud Commercial Law Part 36 Offers Fraudulent Misrepresentation Costs Orders Interest on Damages Currency Conversion in Judgments

Case Brief

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Parties

Old Park Capital Maestro Fund Limited

Claimant

Old Park Capital Limited

First Defendant

Mr. Hugo Van Kuffeler

Second Defendant

Mr. Bruno Pannetier

Third Defendant

Procedural Posture

Civil (chancery Division) / Post Trial, Consequential Matters and Costs Judgment

Legal Issues

  1. 1 Whether the claimant's Part 36 offer was beaten by the judgment
  2. 2 Whether the Part 36 offer was a genuine attempt to settle
  3. 3 Whether it would be unjust to apply the usual Part 36.17(4) consequences

Ratio Decidendi

The Fund's judgment was at least as advantageous as its Part 36 offer because both were in US dollars for the same amount, and no currency conversion was required. The offer was a genuine attempt to settle as it gave up a realistic prospect of pre-judgment interest. There were no exceptional circumstances making it unjust to apply the usual Part 36.17(4) consequences. Interest on damages and costs should be awarded at base rate plus 6% from 25 April 2023, and a 15% reduction in recoverable costs before that date was justified due to partial success by BP.

Court Disposition

Orders made in favour of the Claimant (Fund) against the Third Defendant (BP) under CPR 36.17(4); costs and interest awarded; 15% reduction in pre-25 April 2023 costs; payment on account ordered.

Orders

  • Interest on USD 4,175,182.99 from 25 April 2023 at base rate +6% until payment
  • BP to pay Fund's costs against him on indemnity basis from 25 April 2023