Group Seven Ltd v Nasir & Ors

Group Seven Ltd v Nasir & Ors

The court held that the costs budgets for Group Seven, ETS, and the Swiss Bank were disproportionate to the sums in issue and not justified by the complexity of the case. The court imposed lower maximum hourly rates for solicitors, reduced counsel's fees for trial preparation and trial, and required the parties to review and revise their budgets for future costs, particularly as to contingencies, in line with the court's findings. The court did not require a single budget for Group Seven and ETS but indicated that a single team of solicitors and counsel was sufficient. The parties were ordered to submit revised budgets for final approval.

Parties
Claimant: Group Seven Limited; Claimant: Rheingold Management Inc; Claimant: Equity Trading Systems Limited; Defendant: Ali Nasir; Defendant: Jong-Kang Yi; Defendant: Notable Services LLP; Defendant: Martin Landman; Defendant: Francesco Meduri; Defendant: LLB Verwaltung (Switzerland) AG; Defendant: Othman Louanjli; Defendant: Sebastien Elbied; Defendant: Renaissance Limited; Defendant: Bridge Limited
Jurisdiction
England and Wales
Judgment Date
21 March 2016
Procedural Posture
Civil (costs Management) / Costs Management Conference; Interim Pre Trial Directions
Outcome
Costs management order made; parties to revise and resubmit budgets for future costs in accordance with the judgment.
Legal Topics
Costs Budgeting, Proportionality of Costs, Solicitors' Hourly Rates, Counsel's Fees, Contingencies in Costs Budgets, Costs Management Orders
Civil Procedure Costs Costs Budgeting Proportionality of Costs Solicitors' Hourly Rates Counsel's Fees Contingencies in Costs Budgets Costs Management Orders

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Parties

Group Seven Limited

Claimant

Rheingold Management Inc

Claimant

Equity Trading Systems Limited

Claimant

Ali Nasir

Defendant

Jong-Kang Yi

Defendant

Notable Services LLP

Defendant

Martin Landman

Defendant

Francesco Meduri

Defendant

LLB Verwaltung (Switzerland) AG

Defendant

Othman Louanjli

Defendant

Sebastien Elbied

Defendant

Renaissance Limited

Defendant

Bridge Limited

Defendant

Procedural Posture

Civil (costs Management) / Costs Management Conference; Interim Pre Trial Directions

Legal Issues

  1. 1 Whether the parties' costs budgets are reasonable and proportionate under the CPR and Practice Direction 3E
  2. 2 Whether Group Seven and ETS should have a single or separate costs budgets
  3. 3 What are reasonable hourly rates for solicitors and counsel's fees

Ratio Decidendi

The court held that the costs budgets for Group Seven, ETS, and the Swiss Bank were disproportionate to the sums in issue and not justified by the complexity of the case. The court imposed lower maximum hourly rates for solicitors, reduced counsel's fees for trial preparation and trial, and required the parties to review and revise their budgets for future costs, particularly as to contingencies, in line with the court's findings. The court did not require a single budget for Group Seven and ETS but indicated that a single team of solicitors and counsel was sufficient. The parties were ordered to submit revised budgets for final approval.

Court Disposition

Costs management order made; parties to revise and resubmit budgets for future costs in accordance with the judgment.

Orders

  • Parties to review and revise their costs budgets for future costs within 14 days, reflecting the court's findings on hourly rates, counsel's fees, and contingencies.
  • Revised budgets to be submitted for final review and approval by the court.