Barnett & Anor v Creggy

Barnett & Anor v Creggy

Post-judgment interest on US dollar judgment awarded at commercial rate (3% above 6-month US dollar Libor), not statutory 8%. Defendant must prepare accounts for the relevant period. Claimants beat their Part 36 offer based on exchange rate at date of judgment order, so Part 36 consequences apply. Only successful claimant benefits from Part 36, but costs are not materially different. Defendant to pay 50% of claimants’ costs due to partial success.

Parties
Claimant: Barnett & Anr; Defendant: Creggy
Jurisdiction
England and Wales
Judgment Date
29 January 2015
Procedural Posture
Civil / Post Judgment Consequential Matters
Outcome
Claim for account for period 1970s-1999 dismissed; equitable compensation and account for period from 1999 granted; Part 36 consequences apply; costs awarded at 50% to claimants.
Legal Topics
Equitable Compensation, Interest on Judgment, Account of Profits, Costs, Part 36 Offers
Equity Civil Procedure Equitable Compensation Interest on Judgment Account of Profits Costs Part 36 Offers

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Parties

Barnett & Anr

Claimant

Creggy

Defendant

Procedural Posture

Civil / 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 account order
  3. 3 Effect of Part 36 offer in multi-currency litigation

Ratio Decidendi

Post-judgment interest on US dollar judgment awarded at commercial rate (3% above 6-month US dollar Libor), not statutory 8%. Defendant must prepare accounts for the relevant period. Claimants beat their Part 36 offer based on exchange rate at date of judgment order, so Part 36 consequences apply. Only successful claimant benefits from Part 36, but costs are not materially different. Defendant to pay 50% of claimants’ costs due to partial success.

Court Disposition

Claim for account for period 1970s-1999 dismissed; equitable compensation and account for period from 1999 granted; Part 36 consequences apply; costs awarded at 50% to claimants.

Orders

  • Defendant to pay US$2.3 million to Jeffrey Barnett, including interest.
  • Post-judgment interest at 3% above 6-month US dollar Libor.