Fiona Trust & Holding Corporation v Privalov [2016] EWHC 2451 (Comm) (07 October 2016)

Fiona Trust & Holding Corporation v Privalov [2016] EWHC 2451 (Comm) (07 October 2016)

The damages are calculated based on the profit from newbuildings, a notional investment return at 5% (midway between competing account returns), and deductions for amounts actually earned and returns not earned on Wegelin funds.

Source-derived case information.

Citation
[2016] EWHC 2451 (Comm)
Parties
Claimant: Fiona Trust & Holding Corporation; Defendant: Yuri Privalov
Jurisdiction
England and Wales
Judgment Date
07 October 2016
Procedural Posture
Commercial Damages Quantum Determination / Post Trial Quantum Judgment
Outcome
Damages awarded to defendants
Legal Topics
Calculation of Damages, Investment Returns, Pre Judgment Interest
Commercial Law Damages Calculation of Damages Investment Returns Pre Judgment Interest

Source-derived case record

Summary, issues, holding and outcome

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Parties

Fiona Trust & Holding Corporation

Claimant

Yuri Privalov

Defendant

Procedural Posture

Commercial Damages Quantum Determination / Post Trial Quantum Judgment

Legal Issues

  1. 1 Amount of notional resale proceeds available for investment
  2. 2 Appropriate rate of return on funds held at Wegelin
  3. 3 Calculation of damages including investment returns and interest

Ratio Decidendi

The damages are calculated based on the profit from newbuildings, a notional investment return at 5% (midway between competing account returns), and deductions for amounts actually earned and returns not earned on Wegelin funds.

Court Disposition

Damages awarded to defendants

Orders

  • Defendants awarded US $59.8 million in damages
  • Pre-judgment interest at 3 month LIBOR plus 2.5%, compounded quarterly from 18 December 2010