Legal Blog

Pre-judgment Interest Rate

Capital One Bank v. Carroll 2019 Ont SCJ (Div’l Ct)

The deputy judge had awarded court prejudgment interest rather than the contractual rate of interest set out in the MasterCard agreement and did so without reasons. The Divisional Court noted that the failure of reasons to explain why there were exceptional circumstances that would justify the refusal to award the contractual rate of interest was an error at law. The court ordered the contractual rate of interest.

Written by Jonathan Speigel, the founding partner of Speigel Nichols Fox LLP, leads the litigation and construction practices.