Assetco Plc v Grant Thornton UK LLP

Assetco Plc v Grant Thornton UK LLP

The appropriate deduction for contributory fault in both the wasted expenditure and Jaras claims is 25%, as the blameworthiness and causative potency of AssetCo's acts are not greater in relation to the Jaras transaction than for wasted expenditure generally, and the source of funds is irrelevant to the deduction.

Parties
Claimant: AssetCo PLC; Defendant: Grant Thornton UK LLP
Jurisdiction
England and Wales
Judgment Date
06 February 2019
Procedural Posture
Commercial Court Claim / Quantum Judgment Following Liability Judgment
Outcome
Judgment for AssetCo PLC on quantum issues.
Legal Topics
Contributory Negligence, Damages Assessment, Auditor Liability
Tort Professional Negligence Contributory Negligence Damages Assessment Auditor Liability

Case Brief

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Parties

AssetCo PLC

Claimant

Grant Thornton UK LLP

Defendant

Procedural Posture

Commercial Court Claim / Quantum Judgment Following Liability Judgment

Legal Issues

  1. 1 Appropriate deduction for contributory fault in wasted expenditure claim
  2. 2 Appropriate deduction for contributory fault in Jaras claim

Ratio Decidendi

The appropriate deduction for contributory fault in both the wasted expenditure and Jaras claims is 25%, as the blameworthiness and causative potency of AssetCo's acts are not greater in relation to the Jaras transaction than for wasted expenditure generally, and the source of funds is irrelevant to the deduction.

Court Disposition

Judgment for AssetCo PLC on quantum issues.

Orders

  • AssetCo PLC is entitled to damages totalling £22,363,273.50, exclusive of interest and costs.
  • Interest and costs to be addressed at a further hearing if not agreed.