Yao Essaie Motto & Ors v Trafigura Ltd & Anor [2011] EWHC 90201 (Costs), (QBD) (SCCO) (Judgment 15.02.11).
This was a class action involving 29,614 claimants which settled for £30 million. The Senior Costs Judge had to determine 22 preliminary issues of which the following will be of interest to practitioners generally:
- Vetting (i.e. the costs of collecting, assessing and management of each claim): recoverable in principle but subject to the wording of the CFA in respect of the date from which the agreement is to run.
- Risk assessments for success fees: these should be reappraised when new CFAs are entered into, more claimants join an action, and if events during the litigation mean that the position on success might have changed.
- Costs of entering into a CFA and establishing an ATE insurance policy: confirmed that these are recoverable on ground that this is work properly carried out and for which they are entitled to charge.
The senior costs Judge is to deliver a supplementary judgment dealing with interest on costs in this very expensive piece of litigation.
The judgement is unsurprisingly given its size subject to an appeal.
The judgement is unsurprisingly given its size subject to an appeal.
No comments:
Post a Comment