£40M: Dechert and Gerrard's Estimated ENRC Trial Costs
The trial in the near-decade long dispute is set to start in June 2021.
April 17, 2020 at 08:27 AM
3 minute read
Dechert and white collar head Neil Gerrard are set to pay up to £40 million in trial costs in the ENRC case.
Dechert and its white collar head Neil Gerrard could face costs estimated at around £40 million in the long-running dispute with the Eurasian Natural Resources Corporation (ENRC), documents show.
According to a document presented in court last month on behalf of the ENRC, total costs attributed to Dechert and Gerrard "in defending their claim [against the ENRC]" are estimated to come at £33.9 million plus VAT, for a total of around £40 million.
Dechert and Gerrard stand accused of breach of confidence for allegedly having leaked confidential information to the press and to the Serious Fraud Office (SFO) when Gerrard was acting for the ENRC at the time, resulting in losses for ENRC.
The firm and Gerrard have now applied for 'security for costs', according to the document and a person close to the matter, in the event that they are successful, and that the losing party does not pay the costs.
A footnote on the document also reveals that " billed costs [for the firm and Gerrard] up to 17 January 2020 amount to around £16 million (including around 26,000 hours of partner/associate time and around 23,500 hours of trainee/paralegal time)."
A spokesperson for ENRC said in a statement: "It is extraordinary that Dechert's partners and insurers continue to spend tens of millions of pounds defending Neil Gerrard, amidst allegations against him in no less than three separate sets of proceedings, including serious allegations of threats, human rights abuses and torture."
Dechert did not provide a comment in time for publication but a spokesperson for the firm has previously said: "We emphatically reject any allegations about a leak from Dechert."
According to the document, a case management conference is listed to take place on May 6-7, 2020.
Dechert and Gerrard are concurrently attempting to fend off a separate case, brought by Jordanian lawyer Karam Al Sadeq, who has accused Gerrard of coercing him into "agreeing to give false evidence" during an investigation.
A spokesperson for Dechert and Gerrard previously denied all allegations against the firm and its personnel: "The allegations against the firm and its personnel are completely without foundation and we shall be vigorously defending ourselves against them."
Read more:
Dechert Partner Accused of Orchestrating a 'Secret Prison' in the Middle East
SFO opens criminal probe into mining giant amid Dechert corruption claims
Dechert accused of leaking confidential information to The Sunday Times in long-running ENRC dispute
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