IXIS Corporate & Investment Bank v West LB Ag

IXIS Corporate & Investment Bank v West LB Ag

Calyon's opposition was reasonable; the general rule applies and IXIS is not entitled to costs for the period before the application. Hourly rate for legal fees is reduced to £450 per hour and bundle preparation time is limited to two hours at that rate.

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
Application for costs succeeds in part; general rule applied; reductions made to hourly rate and preparation time.
Legal Topics
Third Party Disclosure, Costs, Reasonableness of Opposition
Civil Procedure Commercial Law Third Party Disclosure Costs Reasonableness of Opposition

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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 disclosure was reasonable
  3. 3 Appropriate hourly rate for legal fees

Ratio Decidendi

Calyon's opposition was reasonable; the general rule applies and IXIS is not entitled to costs for the period before the application. Hourly rate for legal fees is reduced to £450 per hour and bundle preparation time is limited to two hours at that rate.

Court Disposition

Application for costs succeeds in part; general rule applied; reductions made to hourly rate and preparation time.

Orders

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