IXIS Corporate & Investment Bank v West LB Ag

IXIS Corporate & Investment Bank v West LB Ag

Given the complexity, number of parties, and large sums involved, summary assessment would not allow proper discharge of duties under CPR 44.4(2; thus, detailed assessment is ordered for all parties except CIBC, for whom summary assessment is appropriate due to the modest amount claimed.

Parties
Claimant: IXIS Corporate & Investment Bank; First Defendant: WestLB AG; Second Defendant: CIBC World Markets PLC; Third Defendant: Terra Firma Capital Partners Limited; Interested Party: Nomura
Jurisdiction
England and Wales
Judgment Date
19 July 2007
Procedural Posture
Commercial Court Application / Costs Determination Following Consolidation Application
Outcome
Application for summary assessment of costs rejected for all parties except CIBC; interim payments ordered; immediate detailed assessment ordered for others.
Legal Topics
Summary Assessment, Detailed Assessment, Interim Payment, Consolidation of Actions
Civil Procedure Costs Summary Assessment Detailed Assessment Interim Payment Consolidation of Actions

Case Brief

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Parties

IXIS Corporate & Investment Bank

Claimant

WestLB AG

First Defendant

CIBC World Markets PLC

Second Defendant

Terra Firma Capital Partners Limited

Third Defendant

Nomura

Interested Party

Procedural Posture

Commercial Court Application / Costs Determination Following Consolidation Application

Legal Issues

  1. 1 Whether costs should be summarily assessed or subject to detailed assessment
  2. 2 Appropriate interim payments pending detailed assessment

Ratio Decidendi

Given the complexity, number of parties, and large sums involved, summary assessment would not allow proper discharge of duties under CPR 44.4(2; thus, detailed assessment is ordered for all parties except CIBC, for whom summary assessment is appropriate due to the modest amount claimed.

Court Disposition

Application for summary assessment of costs rejected for all parties except CIBC; interim payments ordered; immediate detailed assessment ordered for others.

Orders

  • Summary assessment of CIBC's costs, subject to written submissions by WestLB AG.
  • Interim payment of 50% (£42,500) for IXIS Corporate & Investment Bank.