IXIS Corporate & Investment Bank v West LB Ag [2007] EWHC 2064 (Comm) (27 July 2007)

IXIS Corporate & Investment Bank v West LB Ag [2007] EWHC 2064 (Comm) (27 July 2007)

Calyon's opposition was reasonable; the general rule on costs applies, with reductions for excessive hourly rate and preparation time.

Citation
[2007] EWHC 2064 (Comm)
Parties
Claimant: IXIS Corporate & Investment Bank; Defendant: WestLB AG; Defendant: CIBC World Markets PLC; Defendant: Terra Firma Capital Partners Limited; Third Party: Calyon
Jurisdiction
England and Wales
Judgment Date
27 July 2007
Procedural Posture
Commercial Court Application for Third Party Disclosure / Costs Determination Following Partial Success of Disclosure Application
Outcome
Costs awarded to Calyon with reductions for hourly rate and preparation time.
Legal Topics
Third Party Disclosure, Costs Assessment, Reasonableness of Opposition
Civil Procedure Commercial Law Third Party Disclosure Costs Assessment Reasonableness of Opposition

Case Brief

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Parties

IXIS Corporate & Investment Bank

Claimant

WestLB AG

Defendant

CIBC World Markets PLC

Defendant

Terra Firma Capital Partners Limited

Defendant

Calyon

Third Party

Procedural Posture

Commercial Court Application for Third Party Disclosure / Costs Determination Following Partial Success of Disclosure Application

Legal Issues

  1. 1 Who should bear the costs of the third-party disclosure application against Calyon
  2. 2 Whether Calyon's opposition to the application was reasonable
  3. 3 Appropriate hourly rate for costs assessment

Ratio Decidendi

Calyon's opposition was reasonable; the general rule on costs applies, with reductions for excessive hourly rate and preparation time.

Court Disposition

Costs awarded to Calyon with reductions for hourly rate and preparation time.

Orders

  • Hourly rate assessed at £450 per hour.
  • Preparation time reduced to two hours at assessed rate.