Steffensen v BGW Investments Limited (formerly Broadbase Otago Limited) (since struck off)

The case of Steffensen v BGW Investments Limited (formerly Broadbase Otago Limited) involves a dispute between Rodney Steffensen and Alyson Kay Steffensen, the plaintiffs, and BGW Investments Limited and QBE Insurance (International) Limited, the defendants. The plaintiffs sought damages for losses resulting from the defendants' failure to execute certain financial transactions. The court had to determine the appropriate currency exchange rate for measuring the loss, the interest rate applicable, whether fees, excess, and deductible should be returned, and the issue of costs.

The court examined the currency exchange rate applicable for measuring the loss as at January 2008, given the date by which the sale proceeds should have been obtained. The court preferred using the currency rate as at 1 January 2008, to better achieve the objective of contractual damages. The court also considered the interest rate, rejecting the plaintiffs' claim for compound interest and deciding on the Judicature Act rate instead. The court ruled against the plaintiffs' claim for the return of fees, excess, and deductible, and also against an award of indemnity costs, opting instead for costs on a 2B basis with a 10% uplift, together with disbursements.

The court acknowledged an error in the judgment, as it did not include the amount of loss associated with the failure to carry out the instruction to sell the BT property fund. The court noted that this issue would need to be addressed on appeal or by negotiation. The court also decided that the final quantification of the judgment sum should be achieved by agreement between the parties, without further recourse to the court.