12/4/2009
START DATE
END DATE
9-Dec-09
Phoenix Global Fund Ltd. & Phoenix Capital Reserve Fund Ltd. v. Citigroup Fund Services (Bermuda) Ltd. & The Bank of Bermuda Ltd.
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda Commercial Court
Commercial Law
Hon. Geoffrey R. Bell
Victor Lyon Q.C. Larry Mussenden (Attride-Stirling & Woloniecki)
Andrew Martin (Mello Jones & Martin) Narinder Hargun Alex Potts (Conyers Dill & Pearman)
FACTS OF THE CASE:
The case involved indemnity costs application following a judgment on a complex commercial dispute related to contractual indemnities and the administration of funds. The court explored contractual agreements the conduct of the litigation and precedents on indemnity costs. Key issues included the honesty of valuations and disclosures made by the plaintiffs as well as the proper conduct of discovery.
SUMMARY:
The legitimacy of the contractual indemnity claims the conduct of the litigation particularly the honesty of the plaintiffs in their valuations and disclosures.
OUTCOMES:
Indemnity costs awarded to the defendants the application of contractual indemnities and the court's discretion under RSC Order 62
RULED IN FAVOUR OF:
Defendant
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Phoenix Global Fund Ltd. & Phoenix Capital Reserve Fund Ltd. v. Citigroup Fund Services (Bermuda) Ltd. & The Bank of Bermuda Ltd.
The case involved indemnity costs application following a judgment on a complex commercial dispute related to contractual indemnities and the administration of funds. The court explored contractual agreements the conduct of the litigation and precedents on indemnity costs. Key issues included the honesty of valuations and disclosures made by the plaintiffs as well as the proper conduct of discovery.