This judgment of Mr Justice Bryan is a really welcome addition to the small library of helpful cases on the subject of compensatory interest on successful Part 36 offers.
C succeeded at Trial, obtaining judgment in excess of £22 million. During the course of the action, they had made two Part 36 offers, one of £10 million and another of £17 million, so they comfortably beat their own Part 36, therefore entitling them to compensatory interest on the damages and also the costs, in line with CPR 36.17. In this instance, the Court awarded interest on damages and costs of 5% above the LIBOR rate.
In the same judgment, Bryan J ordered that C did not need to draft a “new format” bill of costs because the proceedings had not been costs budgeted.
The full judgment can be read here.
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