ECU Group PLC v Deutsche Bank AG & Anor [2021] EWHC 2083 (Ch) (22 July 2021)

ECU Group PLC v Deutsche Bank AG & Anor [2021] EWHC 2083 (Ch) (22 July 2021)

Given the claimant's prior agreement to provide security, the elapsed time since that agreement, the lack of satisfactory evidence justifying further delay, and the need to protect the defendants from prejudice, the court ordered that security must be provided within 14 days.

Citation
[2021] EWHC 2083 (Ch)
Parties
Claimant/respondent: THE ECU GROUP PLC; Defendant/applicant: DEUTSCHE BANK AG; Defendant/applicant: GOLDMAN SACHS INTERNATIONAL
Jurisdiction
England and Wales
Judgment Date
22 July 2021
Procedural Posture
Security for Costs Application in Commercial Litigation / Interlocutory Application for Timing of Provision of Security for Costs
Outcome
Application granted in part; security for costs to be provided within 14 days; costs awarded on standard basis.
Legal Topics
Security for Costs, Costs Assessment, Interlocutory Applications
Civil Procedure Commercial Law Security for Costs Costs Assessment Interlocutory Applications

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 2 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

THE ECU GROUP PLC

Claimant/respondent

DEUTSCHE BANK AG

Defendant/applicant

GOLDMAN SACHS INTERNATIONAL

Defendant/applicant

Procedural Posture

Security for Costs Application in Commercial Litigation / Interlocutory Application for Timing of Provision of Security for Costs

Legal Issues

  1. 1 What is the appropriate time for the claimant to provide security for costs?
  2. 2 Should costs be awarded on the indemnity basis or standard basis?
  3. 3 What is the appropriate amount for summary assessment of costs?

Ratio Decidendi

Given the claimant's prior agreement to provide security, the elapsed time since that agreement, the lack of satisfactory evidence justifying further delay, and the need to protect the defendants from prejudice, the court ordered that security must be provided within 14 days.

Court Disposition

Application granted in part; security for costs to be provided within 14 days; costs awarded on standard basis.

Orders

  • ECU Group PLC to provide security for costs to Deutsche Bank AG and Goldman Sachs International within 14 days of the order.
  • Claimant to pay defendants' costs of the applications, summarily assessed at £25,000 each, on the standard basis.