Evans & Associates v Citibank Ltd & Ors [2007] NSWSC 1004

New South Wales Supreme Court

CITATION : Evans & Associates v Citibank Ltd & Ors [2007] NSWSC 1004

HEARING DATE(S) : 13/08/07, 14/08/07

JUDGMENT DATE : 20 September 2007

JUDGMENT OF : Gzell J

DECISION : Judgment for 8th defendant against plaintiff.

CATCHWORDS : PROCEDURE - Undertakings as to damages - Stay of judgment for approximately US $8.7 million due to the 8th defendant, a foreign bank that dealt exclusively in foreign currencies upon the plaintiff's undertaking as to damages - Inquiry as to compensation - 8th defendant argued would have converted the US dollars to euros if not frozen at greater return on investment - Whether 8th defendant would have done so - Whether the loss of earnings occured but for the order - Whether the natural consequence of the order - Whether in circumstances of which the plaintiff had notice - Whether 8th defendant failed to mitigate its loss - Whether an order for compensation just within the meaning of a usual undertaking as to damages in the Supreme Court Rules 1970, Pt 28 r 7, now Uniform Civil Procedure Rules 2005, r 25.8 - How should quantum of loss be determined

Supreme Court Regulation 2000 LEGISLATION CITED : Civil Procedure Regulation 2005 Supreme Court Rules 1970 Uniform Civil Procedure Rules 2005

Air Express Ltd v Ansett Transport Industries (Operations) Pty Ltd (1979-1981) 146 CLR 249 Victorian Onion and Potato Growers' Association v Finnigan (No 2) [1922] VLR 819 Hoffmann-La Roche v Trade Secretary [1975] AC 295 Smith v Day (1882) 21 Ch D 421 Griffith v Blake (1884) 27 Ch D 474 Schlesinger v Bedford (1893) 9 TLR 370 CASES CITED : Douglass v Bullen (1913) 12 DLR 652 Di Ferdinando v Simon, Smits & Co Ltd [1920] 3 KB 409 The Despina R [1979] AC 685 Hadley v Baxendale (1854) 9 Ex 341 (156 ER 145) Kollman v Watts [1963] VR 396 Motor Accident Mutual Insurance Pty Ltd v Kelly (1999) 10 ANZ Insurance Cases 61-420 Sellars v Adelaide Petroleum NL (1992-1994) 179 CLR 332 Norris v Blake (1997) 41 NSWLR 49