Currency fluctuation, currency wars and even potential currency collapse (the Euro, the Bitcoin) are all risks that commercial parties must consider and guard against.
This book gathers together in one volume all the information and advice practitioners are likely to need when advising on, advancing or defending claims involving a foreign currency element.
The determination of the proper currency (or currencies) of a claim often has a dramatic effect on the level of a court judgment or arbitration award that is ultimately obtained. It is, therefore, vital for practitioners to accurately assess claims which involve a foreign currency element.
The authors guide the reader through the legal principles governing how foreign currency claims are treated in English law. The book covers both the treatment of foreign currency in substantive law as well as such procedural matters as how to claim interest correctly on a foreign currency claim and how to plead, prove or disprove the applicability of a particular currency.
This book is an invaluable and essential resource for all lawyers involved in international commerce, but will be of particular interest to those engaged in international finance, commodity transactions, international shipping and transport, and the insurance of assets and liabilities abroad.
"Those who practise in this country need guidance in navigating the tricky waters that The Despina R unleashed. This excellent book provides that guidance."
The authors "have been uniquely well placed to meet the challenge of analysing what is a perplexing body of jurisprudence, and to suggest principled answers to currency issues that have not yet been the subject of judicial decision. They consider not merely claims in contract and tort, but every type of claim that might raise an issue in relation to a foreign currency."
The Rt Hon. The Lord Phillips of Worth Matravers, KG, PC,
President of the Supreme Court of the United Kingdom, 2009-2012
Table of Contents
Foreword, The Rt Hon The Lord Phillips of Worth Matravers
Chapter 1: Introduction
Chapter 2: Basic Concepts
Chapter 3: Sterling: its Historical Role, and the Decline that Led to a Change in the Law
Chapter 4: The Euro Zone
Chapter 5: The Change in English Law Introduced by Miliangos and its Forebears
Chapter 6: Contract
Chapter 7: Tort
Chapter 8: Restitution and Unjust Enrichment
Chapter 9: The Law of Trusts and Fiduciaries
Chapter 10: Claims Against Limited or Common Funds
Chapter 11: Set-off
Chapter 12: Interest
Chapter 13: Are currency exchange losses recoverable as damages?
Chapter 14: Procedure and Evidence
Chapter 15: Fiat Money, Legal Tender and Alternative Money
Michael Howard QC is a barrister at Quadrant Chambers in London, where he acts in relation to international commercial disputes and specialises in all aspects of maritime law. He is an arbitrator and the Leader of the English Admiralty Bar. He is also a Visiting Professor of Law at Tulane University, Louisiana; and he has given expert evidence on English law before a number of foreign courts.
John Knott is a consultant at the London head office of international law firm Holman Fenwick Willan, having previously headed up their Admiralty Claims department. He has authored numerous articles dealing with foreign currency claims; and he is a contributor to the Damages title of Halsbury's Laws of England.
John A. Kimbell QC is a barrister at Quadrant Chambers in London and a solicitor (Rechtsanwalt) in Hamburg. His practice encompasses maritime law, aviation, insurance and re-insurance in addition to general commercial litigation and arbitration. He acts as a commercial arbitrator in London and Hamburg.
"An excellent text in a field of great complexity... The text is comprehensive in seeking to cover a wide range of areas in which foreign currency issues may become relevant, and has been prepared by authors who are plainly well-suited to their task. The text will appeal to solicitors and barristers who need to argue these matters, but it also contains much discussion of real academic value."
Charles Proctor Partner, Fladgate LLP
"On any view, this is a most remarkable book… a well-researched, masterly study of a difficult subject. The authors tackle head-on practical problems concerning foreign currency claims in disparate areas of the law and, where appropriate, happily stick their necks out in expressing their views. Praise be to the brave. The result is a unique book which provides excellent and invaluable guidance for anyone concerned with claims in a foreign currency."
Hon Sir Bernard Eder, The Law Quarterly Review