Excalibur Ventures LLC v Texas Keystone Inc & Ors [2015] EWHC 566 (Comm) (03 February 2015)

Excalibur Ventures LLC v Texas Keystone Inc & Ors [2015] EWHC 566 (Comm) (03 February 2015)

Interest on costs payable by funders accrues from date of judgment, not earlier; interim payment of 80% of costs is reasonable; costs liability apportioned among funders according to funding provided in relevant periods; funders liable for indemnity costs regardless of personal conduct.

Citation
[2015] EWHC 566 (Comm)
Parties
Claimant: Excalibur Ventures LLC; Defendant/costs Claimant: Texas Keystone Inc.; Defendant/costs Claimant: Gulf Keystone Petroleum Limited; Defendant/costs Claimant: Gulf Keystone Petroleum International Limited; Defendant/costs Claimant: Gulf Keystone Petroleum (UK) Limited; Costs Defendant: Psari Holdings Limited; Costs Defendant: Mr Andonis Lemos; Costs Defendant: Blackrobe Capital Partners LLC; Costs Defendant: Blackrobe AEO I Investors LLC; Costs Defendant: Platinum Partners Value Arbitrage Fund LP; Costs Defendant: Hamilton Capital LLC; Costs Defendant: JH Funding LLC; Costs Defendant: Huron Capital LLC; Costs Defendant: Platinum Partners Credit Opportunities Master Fund LP
Jurisdiction
England and Wales
Judgment Date
03 February 2015
Procedural Posture
Commercial Costs Application / Post Judgment Costs Order
Outcome
Costs orders made against funders; permission to appeal granted on two principal grounds.
Legal Topics
Section 51 Senior Courts Act 1981, Indemnity Costs, Apportionment of Costs, Interest on Costs, Interim Payments, Litigation Funding Liability
Civil Procedure Litigation Funding Costs Section 51 Senior Courts Act 1981 Indemnity Costs Apportionment of Costs Interest on Costs Interim Payments +1 more

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Parties

Excalibur Ventures LLC

Claimant

Texas Keystone Inc.

Defendant/costs Claimant

Gulf Keystone Petroleum Limited

Defendant/costs Claimant

Gulf Keystone Petroleum International Limited

Defendant/costs Claimant

Gulf Keystone Petroleum (UK) Limited

Defendant/costs Claimant

Psari Holdings Limited

Costs Defendant

Mr Andonis Lemos

Costs Defendant

Blackrobe Capital Partners LLC

Costs Defendant

Blackrobe AEO I Investors LLC

Costs Defendant

Platinum Partners Value Arbitrage Fund LP

Costs Defendant

Hamilton Capital LLC

Costs Defendant

JH Funding LLC

Costs Defendant

Huron Capital LLC

Costs Defendant

Platinum Partners Credit Opportunities Master Fund LP

Costs Defendant

Procedural Posture

Commercial Costs Application / Post Judgment Costs Order

Legal Issues

  1. 1 Appropriate date for interest accrual under Judgment Act for funders
  2. 2 Basis and quantum for interim payment on account of costs
  3. 3 Apportionment of costs liability among litigation funders

Ratio Decidendi

Interest on costs payable by funders accrues from date of judgment, not earlier; interim payment of 80% of costs is reasonable; costs liability apportioned among funders according to funding provided in relevant periods; funders liable for indemnity costs regardless of personal conduct.

Court Disposition

Costs orders made against funders; permission to appeal granted on two principal grounds.

Orders

  • Interest on costs payable at Judgment Act rate from October 2014 judgment date.
  • Interim payment of 80% of costs and interest ordered.