Category Archives: Exchange Rates

MacInnes v Gross [2017] EWHC 127 (QB) – Costs, Exchange Rates

This blog post is by William Audland QC and James Beeton of 12 King’s Bench Walk.

This case involved a failed claim in contract or unjust enrichment by C against D1, with a consequential award of costs in D1’s favour. Issues arose as to both the basis of the costs award and the level of interest recoverable. Having found that costs would be awarded on the standard basis, Coulson J went on to consider an argument advanced by D1 that it was entitled to an order for recovery of any additional sums to be assessed ‘to reflect any currency loss caused by the decline in the exchange rate between the Pound and the Euro since any payments [of costs] were made’.

This claim was made on the basis of the recent decision in Elkamet Kunststofftechnik GmbH v Saint-Gobain Glass France SA [2016] EWHC 3421 (Pat) – considered in a separate blog post here. In that case, Arnold J had found that there was a ‘powerful analogy’ between an award of interest on costs and an award of exchange rate losses on costs. He had awarded the claimant an additional sum – some £20,000 – representing its exchange rate loss in converting euros into pounds in order to pay its solicitors’ bills. Continue reading MacInnes v Gross [2017] EWHC 127 (QB) – Costs, Exchange Rates

Elkamet Kunststofftechnik GmbH v Saint-Gobain Glass France SA – costs, exchange rates

This blog post is by James Beeton of 12 King’s Bench Walk.

This case concerned a short but important point in relation to the summary assessment of costs in the aftermath of the Brexit vote in June 2016 – namely, the impact of the dramatic decline in the exchange rate between the pound and the euro since the issue of proceedings. Continue reading Elkamet Kunststofftechnik GmbH v Saint-Gobain Glass France SA – costs, exchange rates