Foxeden Pty Ltd v IOOF Building Society Limited (No 3)

Foxeden Pty Ltd brought an action against IOOF Building Society Limited, seeking damages for losses incurred due to breaches of contract and negligence. The case was heard in the Supreme Court of Queensland. The dispute involved questions about the calculation of damages for loss of future income, the discounting of those damages, and the awarding of interest on the damages. Additionally, the case included applications for costs and indemnity costs due to issues with discovery.

The court was required to determine whether "good cause to the contrary" had been shown to warrant an award of interest on damages. It also had to decide whether damages for the loss of the chance to earn future income, discounted to the date of the breach, included any amount for "loss or damage to be incurred or suffered after the date of the award." Another issue was whether interest should be awarded for the period between the split trials. The court also considered an application for indemnity costs by the successful plaintiff due to ongoing problems with discovery by the defendant, and an alternative application for an increase in solicitors' costs pursuant to a rule in the Supreme Court Rules.

The court ruled that interest should be awarded on the damages from the date of the breach, not from the date of the judgment, as the plaintiff had shown good cause to the contrary. The court held that damages for loss of future income should be discounted to the date of the breach, and that any amount for "loss or damage to be incurred or suffered after the date of the award" should be excluded. The court also decided that interest should be awarded for the period between the split trials. The court granted an increase in solicitors' costs and dismissed the application for indemnity costs, but allowed an application for indemnity costs in respect of certain days allegedly wasted due to the defendant's failure to give timely and proper discovery. The court further determined that the defendants should be treated as one entity for the purposes of costs.

The court ordered that the plaintiff receive interest on the damages from the date of the breach, and that damages for loss of future income be discounted to the date of the breach. The court also ordered that interest be paid for the period between the split trials. The court granted an increase in solicitors' costs and dismissed the application for indemnity costs, but allowed indemnity costs for certain days wasted due to the defendant's failure to give timely and proper discovery. Finally, the court ordered that the defendants be treated as one entity for the purposes of costs.