In a judgment handed down on 8 September 2023 Nicholas Caddick KC, sitting as a Deputy Judge, considered an application for a costs indemnity made in the context of a stage 2 application for permission to continue a derivative action. He reviewed the authorities and declined to grant the “blank cheque” retrospective and prospective indemnity sought by the Claimant, instead limiting the forward scope of the indemnity to cover proceedings only up to and including the exchange of witness statements. The parties were granted liberty to apply to extend, vary or revoke the indemnity. Costs were in the Claim, with no immediate recovery for the Claimant. Anna Markham acted for the first and second defendant.
The Judgement can be found here.