Excalibur Ventures LLC v Texas Keystone Inc & Ors [2013] EWHC 4278 (Comm) (13 December 2013)

Excalibur Ventures LLC v Texas Keystone Inc & Ors [2013] EWHC 4278 (Comm) (13 December 2013)

The claim was speculative, opportunistic, grossly exaggerated, and conducted in a manner outside the norm, justifying indemnity costs. The scale and conduct of the litigation, including aggressive correspondence, shifting cases, and unfounded allegations, warranted further security for costs and interim payments to the defendants.

Citation
[2013] EWHC 4278 (Comm)
Parties
Claimant: Excalibur Ventures LLC; 1st Defendant: Texas Keystone Inc.; 2nd Defendant: Gulf Keystone Petroleum Limited; 3rd Defendant: Gulf Keystone Petroleum International Limited; 4th Defendant: Gulf Keystone Petroleum (UK) Limited
Jurisdiction
England and Wales
Judgment Date
13 December 2013
Procedural Posture
Commercial Litigation / Post Trial, Costs and Consequential Orders
Outcome
Costs assessed on the indemnity scale in favour of the defendants; further security for costs ordered; interim payments from sums held as security ordered.
Legal Topics
Costs Assessment, Security for Costs, Indemnity Costs, Speculative Claims, Litigation Funding
Civil Procedure Commercial Law Costs Assessment Security for Costs Indemnity Costs Speculative Claims Litigation Funding

Case Brief

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Parties

Excalibur Ventures LLC

Claimant

Texas Keystone Inc.

1st Defendant

Gulf Keystone Petroleum Limited

2nd Defendant

Gulf Keystone Petroleum International Limited

3rd Defendant

Gulf Keystone Petroleum (UK) Limited

4th Defendant

Procedural Posture

Commercial Litigation / Post Trial, Costs and Consequential Orders

Legal Issues

  1. 1 Whether costs should be assessed on the indemnity or standard basis
  2. 2 Whether further security for costs should be ordered
  3. 3 Whether interim payments out of sums held as security should be made

Ratio Decidendi

The claim was speculative, opportunistic, grossly exaggerated, and conducted in a manner outside the norm, justifying indemnity costs. The scale and conduct of the litigation, including aggressive correspondence, shifting cases, and unfounded allegations, warranted further security for costs and interim payments to the defendants.

Court Disposition

Costs assessed on the indemnity scale in favour of the defendants; further security for costs ordered; interim payments from sums held as security ordered.

Orders

  • Excalibur to pay defendants' costs on the indemnity basis.
  • Interest on costs at 1.5% per annum from date of payment to date of judgment.