Legal Question in Business Law in Massachusetts
Currency fluctuation
If a plaintiff sues a foreign company, and the agreement was that the payment be fulfilled in a now devaluated currency, will the settlement be paid in the previous value or the current, undervalued value of the currency?
Asked on 10/22/08, 12:08 am
2 Answers from Attorneys
henry lebensbaum
Law Offices of Henry Lebensbaum (978-749-3606)
Re: Currency fluctuation
If that is the agreement, that is the answer.
Answered on 10/23/08, 11:19 pm
Re: Currency fluctuation
If a contract calls for payment of a certain sum in a specific currency, that is the currency that the judgment will be paid in. Depending on the length of the default, the devaluation could be argued as part of the damages, but the counter argument is that the other party undertook the currency risk under the terms of the contract.
If you have more questions, feel free to call me.
Answered on 10/22/08, 10:25 am
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