UK Court Assesses Costs in Action Deemed Largely Fruitless

The UK Commercial Court, Queen’s Bench Division, has assessed costs in favor of Equitas against broker Horace Holman in an action in which Equitas sought an accounting and other remedies from Horace Holman. The Court found that the action was “largely fruitless,” in part due to the status of Horace Holman’s records, but that Equitas was nevertheless entitled to have its costs paid by Horace Holman. This opinion demonstrates the different approach that UK and US courts take with respect to the assessing of the costs of litigation. Equitas Ltd. v. Horace Holman & Co., [2007] EWHC 903 (Comm) (April 27, 2007).