Dechert has agreed to make a payment of £20 million in interim costs to the ENRC in the latest stage of its proceedings against the firm and its former partner Neil Gerrard.
It comes after a decade-long proceeding that resulted in the High Court finding in May that Dechert, its former white-collar crime head Gerrard, and the Serious Fraud Office had committed acts of wrongdoing in their dealings with ENRC as a client.
In a hearing on Wednesday at the U.K. High Court of Justice, ENRC’s representative Nathan Pillow QC stated that Dechert has agreed to pay the amount by 1 September 2022.
ENRC is also seeking to be awarded 50% of its trial costs.
The ENRC first sought £21.5 million prior to agreement, and stated in its skeleton argument, seen by Law.com Intenational on Wednesday, that the ENRC “will not seek any further interim payment from Dechert or Gerrard in respect of costs… incurred up to the consequentials order, pending assessment of those costs.”
In its skeleton argument, ENRC said it is “unaware” of Gerrard’s position on this as he had previously “offered to pay £18 million” in costs.
Although Dechert and Gerrard are “jointly and severally” liable for ENRC’s costs, according to today’s hearing, the parties are no longer being represented together.
Gerrard has split from his former firm and is represented by Charles Fussell & Co, while Dechert continues to be advised by Clyde & Co.
“[Dechert] has jettisoned Gerrard from their camp”, Pillow said at today’s hearing.
The Solicitors Regulation Authority is currently considering opening an investigation into the conduct of Dechert, Gerrard and the advice they gave to ENRC.