Pre‑judgment interest denied where settlement required exchange of shares for payment.
Following an earlier endorsement enforcing a settlement agreement for the purchase of shares, the court addressed costs and pre‑judgment interest.
The successful moving parties sought partial indemnity costs and opposed the respondent’s request for pre‑judgment interest on the settlement amount.
The court held that the settlement concerned an exchange of money for shares rather than payment of a debt, and therefore the rationale for pre‑judgment interest did not apply.
Because both sides had retained the benefit of their respective property—funds on one side and shares on the other—no interest award was warranted.
Costs were awarded to the successful moving parties.
Richard Dick et al. v. Robert Duncan McKinnon et al., 2014 ONSC 917