The Supreme Court has refused permission to appeal against a ruling last year that overturned a €32m (£23.7m) damages award against Colliers International UK.
The November decision – in which the Court of Appeal disagreed with a High Court finding that Colliers had negligently overvalued commercial premises in Germany – will now stand.
Lords Mance, Sumption and Toulson declined to hear an appeal by Titan Europe 2006-3 plc, finding that Titan’s application “does not raise an arguable point of law of general public importance which ought to be considered by the Supreme Court at this time, bearing in mind that the case has already been the subject of judicial decision and reviewed on appeal”.
Colliers International UK, which went into liquidation in March 2012, triumphed in its appeal against Blair J’s 2014 ruling, in which he found that it overvalued the premises in Nürnberg in 2005.
The Court of Appeal found that the valuation given by was not negligent, as it was within the permissible 15% margin of error.
Colliers valued the premises at €135m (£107m), but the High Court judge found that its true value at the time was €103m. Because this overvaluation was outside the permissible margin of error, he found that Titan Europe 2006-3 plc was entitled to damages of €32m.
But Longmore, Lloyd Jones and Briggs LJJ overturned that decision, and stripped Titan of its award, finding that a more realistic true value was around €118m.
Titan Europe 2006-3 plc v Colliers International UK plc (in liquidation) Supreme Court (Lords Mance, Sumption and Toulson
