Republic of Brazil -v- Durant [2013] JRC 019A (24 January 2013)

The court has jurisdiction to award compound interest against defendants who knowingly received and retained funds obtained by fraud, and such interest should run from the date of receipt at US Prime Rate plus 1% compounded monthly. Costs are awarded on the indemnity basis due to the defendants' unreasonable and obstructive conduct.

Citation: [2013] JRC 019A
Parties: Claimant: Plaintiffs; Defendant: Defendants
Jurisdiction: Jersey
Judgment Date: 24 January 2013
Procedural Posture: Civil / Post Judgment (interest and Costs Determination)
Outcome: Compound interest and indemnity costs awarded to plaintiffs.
Legal Topics: Compound Interest, Fiduciary Duties, Fraud, Costs (indemnity Basis)

Trusts Equity Civil Procedure Compound Interest Fiduciary Duties Fraud Costs (indemnity Basis)

Case Brief

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Parties

Plaintiffs

Claimant

Defendants

Defendant

Procedural Posture

Civil / Post Judgment (interest and Costs Determination)

Legal Issues

1 Whether compound interest can be awarded against defendants for funds received with knowledge of their fraudulent source
2 From what date and at what rate should interest be calculated
3 Whether costs should be awarded on the indemnity basis

Ratio Decidendi

Court Disposition

Compound interest and indemnity costs awarded to plaintiffs.

Orders

Defendants to pay compound interest on US$10,500,055.35 from February 1998 to 16 November 2012 at US Prime Rate plus 1% compounded monthly.
Defendants to pay indemnity costs to plaintiffs.