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Interest as damages for deceit refused (Mortgage Express v Countrywide Surveyors Limited)

Interest as damages for deceit refused (Mortgage Express v Countrywide Surveyors Limited)
Published on: 27 July 2016
Published by: LexisPSL
  • Interest as damages for deceit refused (Mortgage Express v Countrywide Surveyors Limited)
  • Practical implications
  • What damages for deceit were the parties agreed on?
  • What was disputed as regards the claim for interest as damages for the deceit?
  • Claiming interest as damages—the key authorities
  • Swingcastle
  • Nykredit
  • Sempra Metals
  • The rate of statutory interest on damages—exercising the discretion
  • Why did the judge refuse to award interest as damages?
  • More...

Article summary

Dispute Resolution analysis: The claimant lender had succeeded in its claim in deceit for the fraudulent valuations of a surveyor employed by the defendant. The claimant sought to recover interest as damages asserting that, had it not been for the fraudulent valuations, it would not have made the loans and so would have had funds available to make alternative loans. The judge refused the claim for interest as damages. It was for the claimant properly to both plead and prove such loss and while this was always likely to be a difficult task (with a nod to Neill LJ in Swingcastle) the claimant had not come within a measurable distance of succeeding in that task. or take a trial to read the full analysis.

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