Financial Technology Ventures II (Q) LP and Ors v ETFS Capital Limited and Tuckwell 20-Apr-2021 [2021] JRC 118 (20 April 2021)

Financial Technology Ventures II (Q) LP and Ors v ETFS Capital Limited and Tuckwell 20-Apr-2021 [2021] JRC 118 (20 April 2021)

Plaintiffs were the successful party overall but failed on the majority of their pleaded case, which took up substantial court time and costs; therefore, Mr Tuckwell is ordered to pay 50% of Plaintiffs' costs on the standard basis. The Company is to bear its own costs as the share price was fixed at trial date and minority shareholders are not prejudiced.

Citation
[2021] JRC 118
Parties
Plaintiffs: Financial Technology Ventures II (Q) LP and Ors; Company: ETFS Capital Limited; Second Defendant: Mr Tuckwell
Jurisdiction
Jersey
Judgment Date
20 April 2021
Procedural Posture
Civil / Post Trial Costs Determination
Outcome
Plaintiffs awarded 50% of their costs against Mr Tuckwell; Company to bear its own costs; no order as to costs for injunction proceedings; interim payment ordered.
Legal Topics
Costs, Unfair Prejudice, Shareholder Litigation, Just and Equitable Winding Up
Company Law Civil Procedure Costs Unfair Prejudice Shareholder Litigation Just and Equitable Winding Up

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Parties

Financial Technology Ventures II (Q) LP and Ors

Plaintiffs

ETFS Capital Limited

Company

Mr Tuckwell

Second Defendant

Procedural Posture

Civil / Post Trial Costs Determination

Legal Issues

  1. 1 Incidence of costs following trial in unfair prejudice proceedings
  2. 2 Appropriate percentage deduction for unsuccessful claims
  3. 3 Costs of the company in shareholder litigation

Ratio Decidendi

Plaintiffs were the successful party overall but failed on the majority of their pleaded case, which took up substantial court time and costs; therefore, Mr Tuckwell is ordered to pay 50% of Plaintiffs' costs on the standard basis. The Company is to bear its own costs as the share price was fixed at trial date and minority shareholders are not prejudiced.

Court Disposition

Plaintiffs awarded 50% of their costs against Mr Tuckwell; Company to bear its own costs; no order as to costs for injunction proceedings; interim payment ordered.

Orders

  • Mr Tuckwell to pay 50% of Plaintiffs' costs on the standard basis, taxed if not agreed.
  • Mr Tuckwell to pay 25% of specified interim costs (£1,182,760) within two months.