Les Laboratoires Servier & Anor v Apotex Inc. & Ors

Les Laboratoires Servier & Anor v Apotex Inc. & Ors

Servier demonstrated, based on evidence and market conditions since November 2008, that a commercial interbank lending rate (LIBOR plus 1%) is more appropriate than the conventional base rate plus 1% for interest on damages in this case.

Parties
Claimant: Les Laboratoires Servier; Claimant: Servier Laboratories Limited; Defendant: Apotex Inc.; Defendant: Apotex Pharmachem Inc.; Defendant: Apotex Europe Limited; Defendant: Apotex UK
Jurisdiction
England and Wales
Judgment Date
11 May 2011
Procedural Posture
Commercial / Post Judgment Inquiry on Interest and Costs
Outcome
Interest awarded at three month LIBOR plus 1%; Servier to recover 50% of its costs since 7 April 2011.
Legal Topics
Assessment of Interest, Costs, Reference Rates
Commercial Law Damages Interest Assessment of Interest Costs Reference Rates

Case Brief

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Parties

Les Laboratoires Servier

Claimant

Servier Laboratories Limited

Claimant

Apotex Inc.

Defendant

Apotex Pharmachem Inc.

Defendant

Apotex Europe Limited

Defendant

Apotex UK

Defendant

Procedural Posture

Commercial / Post Judgment Inquiry on Interest and Costs

Legal Issues

  1. 1 What is the appropriate reference rate for interest payable on damages?
  2. 2 Should the conventional base rate plus 1% be departed from?
  3. 3 What costs order should be made given partial success and abandoned claims?

Ratio Decidendi

Servier demonstrated, based on evidence and market conditions since November 2008, that a commercial interbank lending rate (LIBOR plus 1%) is more appropriate than the conventional base rate plus 1% for interest on damages in this case.

Court Disposition

Interest awarded at three month LIBOR plus 1%; Servier to recover 50% of its costs since 7 April 2011.

Orders

  • Interest on damages to be calculated at three month LIBOR plus 1%.
  • Servier to recover 50% of its costs incurred since 7 April 2011.