Macquarie Bank Limited v Meinhardt (NSW) Pty Limited [2011] NSWSC 15

Supreme Court New South Wales

Medium Neutral Citation: Macquarie Bank Limited v Meinhardt (NSW) Pty Limited [2011] NSWSC 15 Hearing dates: 17/09/10, 20/09/10, 21/09/10, 23/09/10 Decision date: 03 February 2011 Jurisdiction: Equity Division - Commercial List Before: Einstein J Decision: Interest to be awarded to the plaintiff Catchwords: Power to award interest Legislation Cited: Civil Procedure Act 2005 Judiciary Act 1903 Jurisdiction of Courts (Cross-Vesting) Act (Cth) 1987 Supreme Court Act 1970 Trade Practices Act 1974 Cases Cited: Australian National Airlines Commission v The Commonwealth (1975) 49 ALJR 338 Baulderstone Hornibrook v Gordian Runoff [2008] NSWCA 243 Pheeney v Doolan [1977] 1 NSWLR 4 Slattery v Beare [2001] SADC 44 Truss v Brazier (1990) 96 ALR 767 Yolarno Pty Ltd v Transglobal Capital Pty Ltd (No. 4) [2003] NSWSC 1206 Category: Procedural and other rulings Parties: Macquarie Bank Pty Limited (Plaintiff) Meinhardt (NSW) Pty Limited (Defendant) Representation: Counsel: Mr M Elliott (Plaintiff) Mr I Roberts (Defendant) Solicitors: Minter Ellison (Plaintiff) DLA Phillips Fox (Defendant) File Number(s): 2010/00059668

Judgment

The state of these proceedings 1The remaining matters in issue concern MBL seeking pre-judgment interest on the damages awarded in its favour. 2Both parties have reduced their submissions to writing. 3In my view the plaintiffs submissions of substance and they are adopted in what follows. 4The recognised purpose of an award of interest is to ensure a plaintiff is properly compensated for the practical loss it has suffered. Thus, an award is usually made.