Tulip Trading - Success On Costs, Permission To Appeal Refused, And Embargo Breached

• Published date: 11 May 2022
• Subject Matter: Litigation, Mediation & Arbitration, Technology, Trials & Appeals & Compensation, Fin Tech
• Law Firm: Astraea Group
• Author: Astraea Group

On Friday 6th May, the leading group of defendants in Tulip Trading Ltd v Bitcoin Association for BSV & others, represented by James Ramsden QC, succeeded at the consequential hearing following their successful jurisdictional challenge in March ([2022] EWHC 667 (Ch)). They obtained the full extent of their agreed costs, and refusal of the claimant's application for permission to appeal. The judge also found that Ontier, the Claimant's solicitors, had breached the embargo on the draft judgment before it was handed down on 25th March 2022.

As to costs, the claimant had agreed to pay the majority of the relevant defendants' costs, subject to their argument that such costs should be reduced and awarded on an "issues basis". The judge rejected this argument, concluding that the Defendants were decisive winners, having defeated the claim in its entirety. The fact that England & Wales might have been the appropriate jurisdiction to pursue the claim if it had merit, did not justify an issues-based costs order or justify a departure from the usual rule that costs follow the event.

The judge refused permission to appeal to the Court of Appeal, observing that her decision was made on orthodox principles and appellate authority, she had taken full account of the complex and developing nature of the area, and it was inappropriate for her to grant permission to appeal on the "some other...