F&C Alternative Investments (Holdings) Ltd v Barthelemy & Anor

F&C Alternative Investments (Holdings) Ltd v Barthelemy & Anor

Defendants are entitled to 70% of their costs on the standard basis up to 15 January 2010 and on the indemnity basis thereafter, reflecting partial success and failure on major issues; interest on principal sums awarded at 3% above base rate up to 15 January 2010 and 10% above base rate thereafter; interest on costs awarded at conventional rates up to 25 June 2010 and at actual borrowing rates thereafter due to indemnity costs and evidence of high interest paid; advanced drawings not to be offset against interest.

Parties
Claimant/part 20 Defendant: F&C Alternative Investments (Holdings) Limited; Defendant/part 20 Claimant/petitioner: Francois Barthelemy; Defendant/part 20 Claimant/petitioner: Anthony Culligan; Respondent: F&C Partners LLP; Respondent: F&C Asset Management plc
Jurisdiction
England and Wales
Judgment Date
28 October 2011
Procedural Posture
Commercial/company Law / Post Liability Judgment; Ruling on Costs and Interest
Outcome
Costs and interest awarded in favour of Defendants, with partial disallowance reflecting unsuccessful claims.
Legal Topics
Costs Orders, Interest on Judgment, Put Option Notices, Unfair Prejudice, Settlement Offers, Indemnity Costs, Standard Costs, Civil Procedure
Company Law Commercial Litigation Costs Orders Interest on Judgment Put Option Notices Unfair Prejudice Settlement Offers Indemnity Costs +2 more

Case Brief

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Parties

F&C Alternative Investments (Holdings) Limited

Claimant/part 20 Defendant

Francois Barthelemy

Defendant/part 20 Claimant/petitioner

Anthony Culligan

Defendant/part 20 Claimant/petitioner

F&C Partners LLP

Respondent

F&C Asset Management plc

Respondent

Procedural Posture

Commercial/company Law / Post Liability Judgment; Ruling on Costs and Interest

Legal Issues

  1. 1 Appropriate costs orders following liability judgment
  2. 2 Interest payable on principal sums under Put Option Notices
  3. 3 Interest payable on legal expenses

Ratio Decidendi

Defendants are entitled to 70% of their costs on the standard basis up to 15 January 2010 and on the indemnity basis thereafter, reflecting partial success and failure on major issues; interest on principal sums awarded at 3% above base rate up to 15 January 2010 and 10% above base rate thereafter; interest on costs awarded at conventional rates up to 25 June 2010 and at actual borrowing rates thereafter due to indemnity costs and evidence of high interest paid; advanced drawings not to be offset against interest.

Court Disposition

Costs and interest awarded in favour of Defendants, with partial disallowance reflecting unsuccessful claims.

Orders

  • F&C to pay 70% of Defendants’ costs of Part 7 proceedings, Petition, and Cross-Petition.
  • Costs assessed on standard basis up to 15 January 2010, indemnity basis from 16 January 2010.