Costs have been awarded in the High Court case between The Hut Group Ltd (THG) and Oliver Cookson and Barclays Private Bank & Trust (the Trust), following the judgement handed down in November 2014, in which THG was found to have committed a fraudulent breach of warranty.
At the subsequent hearing on 19 December 2014, the judge awarded a net payment of £7,123,157 to be made by THG (represented by Quinn Emanuel) to Mr Cookson and the Trust (represented by DWF) in respect of all of the claims and counterclaims in the action.
In addition, the Court ordered that THG had to pay all of its own costs of the action and that it must pay one third of the costs incurred by Mr Cookson and the Trust. An initial payment on account of £350,000 was ordered to be paid by THG.
To date, total payments made by THG to the Defendants under the judgment come to just under £7.5million.
The breach of warranty case, which went to trial in October 2014, followed a dispute in respect of a Share Purchase Agreement in 2011. THG alleged an overstatement of profits in Mr Cookson’s business, Myprotein and the Defendants counterclaimed for, amongst other things, breach of warranty and fraudulent breach of warranty.
Oliver Cookson stated that "The court's decision to order 'The Hut Group' to pay 100% of its own considerable costs, along with a third of our costs again reflects the result of the proceedings and vindicates our position from the outset. A key point I have taken from this process is to always stay true to your beliefs and focused on your goal no matter how arduous the path may seem."