The Court of Appeal has confirmed that an offer which is made exclusive of interest cannot be a valid Part 36 offer: King v City of London Corporation [2019] EWCA Civ 2266. CPR 36.5(4) provides that a Part 36 offer to pay or accept a sum of money “will be treated as inclusive of all … Read more
In a recent decision, the Supreme Court held that claimants could not bring claims in unjust enrichment to recover compound interest on taxes paid under a mistake of law: Prudential Assurance Company Ltd v Commissioners for Her Majesty’s Revenue and Customs [2018] UKSC 39. In doing so, the Supreme Court departed from the House of … Read more
The Court of Appeal has held that a defendant should have been ordered to pay enhanced interest on both damages and costs at the maximum rate of 10% above base rate where it failed to accept the claimant's Part 36 offer, overturning a High Court decision awarding a lower rate: OMV Petrom SA v Glencore … Read more
On 14 July the UK Competition Appeal Tribunal (CAT) issued its judgment in the damages claim brought by Sainsbury's against MasterCard. It held that certain interchange fees set by MasterCard were anti-competitive and awarded damages of £68.6m, plus interest. The decision has many significant features from a competition litigation perspective, including that it is: the first … Read more
The Commercial Court has refused to award compound interest on sums in excess of US$1.5 billion paid away by the claimant bank as a result of a fraud: JSC BTA Bank v Ablyazov & ors [2013] EWHC 867 (Comm). The decision serves as a reminder that if a party wishes to claim compound interest as damages at common … Read more
The House of Lords has held that compound interest is recoverable in a claim for restitution of money paid under a mistake of law and, although strictly obiter, indicated that it would be recoverable in principle in any claim in tort or for breach of contract, including debt claims: Sempra Metals Ltd (formerly Metallgesellschaft Ltd) … Read more
