Granville Technology Group Ltd & Ors v LG Display Co. Ltd & Anor [2023] EWCA Civ 980 (16 August 2023)

Granville Technology Group Ltd & Ors v LG Display Co. Ltd & Anor [2023] EWCA Civ 980 (16 August 2023)

The equitable jurisdiction to award compound interest does not apply to cartel damages claims where the claimants do not allege or prove that the defendants obtained and retained their money by fraud. The claim is compensatory, not restitutionary, and the pleaded facts do not bring the case within the limited equitable jurisdiction. The proposed amendments do not cure this deficiency. The judge was correct to strike out the claim for compound interest for the post-insolvency period and to refuse permission to amend.

Citation
[2023] EWCA Civ 980
Parties
Appellant/claimant: Granville Technology Group Limited (in Liquidation); Appellant/claimant: VMT Limited (in Liquidation); Appellant/claimant: OT Computers Limited (in Liquidation); Respondent/defendant: LG Display Co. Limited; Respondent/defendant: LG Display Taiwan Co. Ltd
Jurisdiction
England and Wales
Judgment Date
16 August 2023
Procedural Posture
Civil Appeal / Appeal From High Court (commercial Court) to Court of Appeal
Outcome
appeal dismissed
Legal Topics
Compound Interest, Cartel Damages, Breach of Statutory Duty, Restitution, Fraud in Equity
Competition Law Equity Damages Compound Interest Cartel Damages Breach of Statutory Duty Restitution Fraud in Equity

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 5 Authorities cited 14 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Granville Technology Group Limited (in Liquidation)

Appellant/claimant

VMT Limited (in Liquidation)

Appellant/claimant

OT Computers Limited (in Liquidation)

Appellant/claimant

LG Display Co. Limited

Respondent/defendant

LG Display Taiwan Co. Ltd

Respondent/defendant

Procedural Posture

Civil Appeal / Appeal From High Court (commercial Court) to Court of Appeal

Legal Issues

  1. 1 Whether the court's equitable jurisdiction to award compound interest applies to cartel damages claims for the post-insolvency period where the claimants cannot prove loss of interest after insolvency.
  2. 2 Whether deliberate concealment and intentional wrongdoing by cartelists constitutes 'fraud' for the purposes of the equitable jurisdiction to award compound interest.
  3. 3 Whether the proposed amendments to pleadings by the claimants would entitle them to compound interest in equity.

Ratio Decidendi

The equitable jurisdiction to award compound interest does not apply to cartel damages claims where the claimants do not allege or prove that the defendants obtained and retained their money by fraud. The claim is compensatory, not restitutionary, and the pleaded facts do not bring the case within the limited equitable jurisdiction. The proposed amendments do not cure this deficiency. The judge was correct to strike out the claim for compound interest for the post-insolvency period and to refuse permission to amend.

Court Disposition

appeal dismissed

Orders

  • Claim for compound interest in respect of the post-insolvency period struck out.
  • Permission to amend the Particulars of Claim refused.