Sharp & Ors v Blank & Ors

Sharp & Ors v Blank & Ors

The general rule that costs follow the event applies; Claimants and Therium are jointly and severally liable for Defendants’ costs, subject to several liability for individual Claimants per the GLO. An interim payment of £17 million is ordered. Interest on costs is payable at the Bank of England base rate from invoice payment until 13 November 2020, then at the judgment debt rate. Permission to appeal is refused as no real prospect of success or compelling reason is shown.

Parties
Claimant: John Michael Sharp and the other Claimants listed in the GLO Register; Defendant: Sir Maurice Victor Blank; Defendant: John Eric Daniels; Defendant: Timothy Tookey; Defendant: Helen Weir; Defendant: George Truett Tate; Defendant: Lloyds Banking Group PLC; Additional Party: Therium Finance No.1 IC
Jurisdiction
England and Wales
Judgment Date
14 July 2020
Procedural Posture
Group Litigation Order (glo) Companies/shareholder Action / Post Trial, Consequential Matters (costs, Interest, Permission to Appeal)
Outcome
Claim dismissed; costs and consequential orders made; permission to appeal refused.
Legal Topics
Directors' Duties, Disclosure Obligations, Costs Orders, Third Party Funding, Interest on Costs, Permission to Appeal
Company Law Civil Procedure Costs Directors' Duties Disclosure Obligations Costs Orders Third Party Funding Interest on Costs +1 more

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Parties

John Michael Sharp and the other Claimants listed in the GLO Register

Claimant

Sir Maurice Victor Blank

Defendant

John Eric Daniels

Defendant

Timothy Tookey

Defendant

Helen Weir

Defendant

George Truett Tate

Defendant

Lloyds Banking Group PLC

Defendant

Therium Finance No.1 IC

Additional Party

Procedural Posture

Group Litigation Order (glo) Companies/shareholder Action / Post Trial, Consequential Matters (costs, Interest, Permission to Appeal)

Legal Issues

  1. 1 What order for costs should be made between the Claimants and Defendants?
  2. 2 Should an interim payment of costs be ordered, and in what amount?
  3. 3 Should interest on costs be awarded, and from what date?

Ratio Decidendi

The general rule that costs follow the event applies; Claimants and Therium are jointly and severally liable for Defendants’ costs, subject to several liability for individual Claimants per the GLO. An interim payment of £17 million is ordered. Interest on costs is payable at the Bank of England base rate from invoice payment until 13 November 2020, then at the judgment debt rate. Permission to appeal is refused as no real prospect of success or compelling reason is shown.

Court Disposition

Claim dismissed; costs and consequential orders made; permission to appeal refused.

Orders

  • Claimants and Therium to pay Defendants’ costs, subject to detailed assessment; individual Claimants’ liability several per GLO; Therium’s liability joint and several, subject to further consideration of any cap.
  • Claimants and Therium to pay £17 million on account of costs within 42 days.