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Problems in assessment of damages remain among the most contentious
aspects of private law disputes. The assessment exercise becomes
particularly difficult when one of the parties asks that damages be
assessed in some foreign currency or claims that, even though
damages should be assessed in the currency of the forum, foreign
exchange losses should form a head of loss. The 1975 decision of
the UK's House of Lords in Miliangos v George Frank (Textiles) Ltd
was revolutionary in that it permitted English courts to award
judgment in a foreign currency. Miliangos has been influential
throughout the common law world, and courts in the commonwealth and
the US now contemplate awarding damages in currencies other than
its own. However, that modernization has hardly eliminated the
problems in this area. When may a judge assess damages in a
currency other than that of the forum? If a court elects to assess
damages in its own currency, what conversion date should it select
in converting from a foreign currency that was relevant to the
obligations between the parties? In an age of fluctuating
currencies, questions of this nature present judges with choices
involving significant financial implications. This book takes a
comparative look at how common law courts have addressed damages
claims when foreign currencies are involved, and at the statutory
responses to that issue. It describes the practices of UK courts,
Commonwealth courts, and US courts in this field, and it draws both
on principles of private international law and of damages
assessment to analyze current practice. It is essential reading for
lawyers who deal with conflicts of laws and financial and banking
law.
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