Britned Development Ltd v ABB AB & Anor [2018] EWHC 2913 (Ch) (01 November 2018)

Britned Development Ltd v ABB AB & Anor [2018] EWHC 2913 (Ch) (01 November 2018)

The court reduced the damages awarded to BritNed by 10% to reflect the risk of over-compensation in the absence of an undertaking regarding the IRR Cap, and awarded simple interest at EURIBOR plus 1% from the date the cause of action arose to the date of judgment. Permission to appeal was granted on the Overcharge Claim, Lost Profit Claim, and Regulatory Cap Issue due to their novel and significant nature.

Citation
[2018] EWHC 2913 (Ch)
Parties
Claimant: BritNed Development Limited; Defendant: ABB AB; Defendant: ABB Ltd
Jurisdiction
England and Wales
Judgment Date
01 November 2018
Procedural Posture
Civil Commercial Claim / Post Judgment, Supplemental Judgment on Consequential Matters
Outcome
Damages awarded to BritNed reduced by 10%; interest awarded at EURIBOR plus 1%; permission to appeal granted on specified issues; costs reserved.
Legal Topics
Damages, Interest on Damages, Undertakings, Regulatory Cap, Permission to Appeal
Competition Law Contract Law Commercial Law Damages Interest on Damages Undertakings Regulatory Cap Permission to Appeal

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Parties

BritNed Development Limited

Claimant

ABB AB

Defendant

ABB Ltd

Defendant

Procedural Posture

Civil Commercial Claim / Post Judgment, Supplemental Judgment on Consequential Matters

Legal Issues

  1. 1 Whether BritNed is required to provide an undertaking regarding the IRR Cap to avoid over-compensation
  2. 2 How interest on damages should be calculated and at what rate
  3. 3 Whether permission to appeal should be granted on the Overcharge Claim, Lost Profit Claim, and Regulatory Cap Issue

Ratio Decidendi

The court reduced the damages awarded to BritNed by 10% to reflect the risk of over-compensation in the absence of an undertaking regarding the IRR Cap, and awarded simple interest at EURIBOR plus 1% from the date the cause of action arose to the date of judgment. Permission to appeal was granted on the Overcharge Claim, Lost Profit Claim, and Regulatory Cap Issue due to their novel and significant nature.

Court Disposition

Damages awarded to BritNed reduced by 10%; interest awarded at EURIBOR plus 1%; permission to appeal granted on specified issues; costs reserved.

Orders

  • Damages to BritNed set at €11,708,611.20 (after 10% reduction)
  • Interest awarded at EURIBOR plus 1% from 21 May 2007 to 31 October 2018