Barnett & Anor v Creggy [2015] EWHC 1316 (Ch) (29 January 2015)

Barnett & Anor v Creggy [2015] EWHC 1316 (Ch) (29 January 2015)

Interest on the US dollar judgment is awarded at 3% above 6-month US dollar Libor, not the 8% Judgments Act rate, following the compensatory principle. The claimants beat their Part 36 offer as calculated at the date of the order, entitling them to Part 36 consequences. The defendant must prepare the account for the relevant period. Costs are awarded at 50% to reflect the claimants' partial success.

Citation
[2015] EWHC 1316 (Ch)
Parties
Claimant: Barnett & Anr; Defendant: Creggy
Jurisdiction
England and Wales
Judgment Date
29 January 2015
Procedural Posture
Chancery Division Civil Claim / Post Judgment Consequential Matters
Outcome
Judgment for the claimants in part; consequential orders made.
Legal Topics
Equitable Compensation, Interest on Judgments, Costs Orders, Part 36 Offers, Accounting in Equity
Civil Procedure Equity Equitable Compensation Interest on Judgments Costs Orders Part 36 Offers Accounting in Equity

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Parties

Barnett & Anr

Claimant

Creggy

Defendant

Procedural Posture

Chancery Division Civil Claim / Post Judgment Consequential Matters

Legal Issues

  1. 1 Appropriate rate of post-judgment interest on a US dollar judgment
  2. 2 Responsibility for preparing accounts in an equitable accounting claim
  3. 3 Whether the claimants beat their Part 36 offer given currency fluctuations

Ratio Decidendi

Interest on the US dollar judgment is awarded at 3% above 6-month US dollar Libor, not the 8% Judgments Act rate, following the compensatory principle. The claimants beat their Part 36 offer as calculated at the date of the order, entitling them to Part 36 consequences. The defendant must prepare the account for the relevant period. Costs are awarded at 50% to reflect the claimants' partial success.

Court Disposition

Judgment for the claimants in part; consequential orders made.

Orders

  • Defendant to pay equitable compensation to Jeffrey Barnett of a little over US$2.3 million including interest.
  • Interest on the judgment sum at 3% above 6-month US dollar Libor post-judgment.