Black & Ors v Davies [2004] EWHC 1464 (QB) (22 June 2004)

Black & Ors v Davies [2004] EWHC 1464 (QB) (22 June 2004)

The Court does not have jurisdiction to award compound interest in respect of a judgment for damages for deceit, as the equitable jurisdiction is limited to cases where money has been obtained and retained by fraud and an equitable remedy co-exists; judicial extension is precluded by precedent and parliamentary intent.

Citation
[2004] EWHC 1464 (QB)
Parties
Claimant: Herbert Black; Claimant: American Iron & Metal Company Incorporated; Claimant: Lito Trade Incorporated; Defendant: Vivian John Davies
Jurisdiction
England and Wales
Judgment Date
22 June 2004
Procedural Posture
High Court Civil Action / Post Trial Hearing on Interest Calculation
Outcome
Claim for compound interest dismissed
Legal Topics
Compound Interest, Damages for Deceit, Jurisdiction of Equity, Fraud
Equity Tort Restitution Compound Interest Damages for Deceit Jurisdiction of Equity Fraud

Case Brief

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Parties

Herbert Black

Claimant

American Iron & Metal Company Incorporated

Claimant

Lito Trade Incorporated

Claimant

Vivian John Davies

Defendant

Procedural Posture

High Court Civil Action / Post Trial Hearing on Interest Calculation

Legal Issues

  1. 1 Does the Court have jurisdiction to award compound interest in respect of a judgment for damages for deceit?
  2. 2 If so, should the Court exercise its discretion to do so on the facts of this case?

Ratio Decidendi

The Court does not have jurisdiction to award compound interest in respect of a judgment for damages for deceit, as the equitable jurisdiction is limited to cases where money has been obtained and retained by fraud and an equitable remedy co-exists; judicial extension is precluded by precedent and parliamentary intent.

Court Disposition

Claim for compound interest dismissed

Orders

  • No jurisdiction to award compound interest on damages for deceit
  • Interest to be calculated on a simple basis only