Fiona Trust & Holding Corporation v Privalov

Fiona Trust & Holding Corporation v Privalov

Damages are calculated based on profit on newbuildings, a 5% investment return on notional resale proceeds, deductions for amounts actually earned and returns not earned on Wegelin funds, with pre-judgment and post-judgment interest awarded at specified rates.

Parties
Claimant: Fiona Trust & Holding Corporation; Defendant: Yuri Privalov
Jurisdiction
England and Wales
Judgment Date
07 October 2016
Procedural Posture
Commercial / Quantum Judgment
Outcome
Damages awarded to defendants.
Legal Topics
Damages Calculation, Investment Returns, Pre Judgment Interest
Commercial Law Damages Calculation Investment Returns Pre Judgment Interest

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Parties

Fiona Trust & Holding Corporation

Claimant

Yuri Privalov

Defendant

Procedural Posture

Commercial / Quantum Judgment

Legal Issues

  1. 1 Calculation of damages payable to defendants
  2. 2 Determination of notional resale proceeds available for investment
  3. 3 Assessment of appropriate investment return rate

Ratio Decidendi

Damages are calculated based on profit on newbuildings, a 5% investment return on notional resale proceeds, deductions for amounts actually earned and returns not earned on Wegelin funds, with pre-judgment and post-judgment interest awarded at specified rates.

Court Disposition

Damages awarded to defendants.

Orders

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