The successful defendants in a proposed class action sought costs of $1,000,455.22 on a partial indemnity basis following a dispositive jurisdiction motion.
The unsuccessful plaintiff argued that no costs should be awarded because the case raised novel and important issues regarding the jurisdictional reach of Ontario courts over foreign defendants in securities matters, or alternatively, that the costs claimed were excessive.
The court rejected the plaintiff's arguments, finding that the litigation was entrepreneurial rather than altruistic, and that the issues were not novel in a way that justified departing from the normal loser-pays rule.
The court concluded that the defendants' costs, including substantial expert witness fees, were fair, reasonable, and within the reasonable expectations of the plaintiff given the $8 billion value of the claim.
The defendants were awarded their costs as requested.
