Libyan Investment Authority & Ors. v Mr Roger Milner King & Ors.

Libyan Investment Authority & Ors. v Mr Roger Milner King & Ors.

The court found the claimants' litigation to be speculative, with serious allegations of fraud made and persisted without sufficient evidential basis, and rejected reasonable settlement offers. Considering all factors, costs are awarded on the indemnity basis.

Parties
Claimant: Libyan Investment Authority; Claimant: LIA Advisory Services (UK) Limited; Claimant: Maplecross Holdings Investment Co Limited; Defendant: Mr Roger Milner King; Defendant: International Group Limited; Defendant: Beeson Property Investments Limited; Defendant: Stoke Park Estates; Defendant: Mr Charles Montgomery Merry; Defendant: Conrad Strategic Partners Limited
Jurisdiction
England and Wales
Judgment Date
24 February 2023
Procedural Posture
Civil / Post Trial Costs Determination
Outcome
Costs awarded to defendants on the indemnity basis.
Legal Topics
Costs Assessment, Indemnity Costs, Fraud Allegations, Litigation Conduct
Civil Procedure Commercial Law Costs Assessment Indemnity Costs Fraud Allegations Litigation Conduct

Case Brief

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Parties

Libyan Investment Authority

Claimant

LIA Advisory Services (UK) Limited

Claimant

Maplecross Holdings Investment Co Limited

Claimant

Mr Roger Milner King

Defendant

International Group Limited

Defendant

Beeson Property Investments Limited

Defendant

Stoke Park Estates

Defendant

Mr Charles Montgomery Merry

Defendant

Conrad Strategic Partners Limited

Defendant

Procedural Posture

Civil / Post Trial Costs Determination

Legal Issues

  1. 1 Whether costs should be awarded on the indemnity basis or standard basis
  2. 2 Whether the claimants' conduct was sufficiently unreasonable or speculative to justify indemnity costs

Ratio Decidendi

The court found the claimants' litigation to be speculative, with serious allegations of fraud made and persisted without sufficient evidential basis, and rejected reasonable settlement offers. Considering all factors, costs are awarded on the indemnity basis.

Court Disposition

Costs awarded to defendants on the indemnity basis.

Orders

  • Claimants to pay defendants' costs on the indemnity basis.