Idoport Pty Limited v National Australia Bank Limited & Ors, Idoport Pty Limited v Donald Robert Argus [2007] NSWSC 23

New South Wales Supreme Court

CITATION : Idoport Pty Limited v National Australia Bank Limited & Ors, Idoport Pty Limited v Donald Robert Argus [2007] NSWSC 23

HEARING DATE(S) : 20/11/06, 27/11/06. 28/11/06, 29/11/06, 04/12/06, 05/12/06, 06/12/06, 07/12/06, 13/12/06, 14/12/06

JUDGMENT DATE : 6 February 2007

JURISDICTION : Equity Division Commercial List

JUDGMENT OF : Einstein J

DECISION : Subject to matters treated with in the reasons [and in particular the reduction of the gross sum by $7.95 million to cope with the OAMPS settlement] evidence before the Court justifies a gross sum costs award of $50,000,000 plus interest on the gross sum amount from 29 January 2002

CATCHWORDS : Costs - Application by National Australia Bank Ltd and associated defendants for gross sum costs order of $61,710,326.53 - Proceedings involved claims by Idoport Parties in the range of US $8.3 billion to US $29.3 billion which exceeded NAB's worth - Proceedings dismissed on 223rd day when over 15,000 pages of transcript had been taken and 301 statements from 168 witnesses had been filed - Principles underpinning the discretion to make gross sum costs order - Suggested luxurious behaviour by NAB Parties - Whether gross sum costs order appropriate to be made - Finding that gross sum can only be fixed broadly and the task is not to be undertaken in a mathematical or precise manner - Whether there should be a deduction from the gross sum of costs incurred by the NAB Parties between the stay and the dismissal of the proceedings - Extent to which it is appropriate for the Court to take into account the settlement reached between the NAB Parties and OAMPS Limited and its subsidiary Australian International Insurance Ltd - Discretion to order that interest be paid on any amount payable under an order for the payment of costs either from the date on which the costs concerned were paid or on such later date as the Court may order - Power to award interest on costs and principles applicable to exercise of relevant discretion