[2015] NSWSC 43

Zheng v Wallace (No 2)

(1) The defendant is to pay the plaintiff’s costs. (2) The defendant is to pay the costs of fund management in the sum of $84,560.00.

Catchwords

COSTS – cost of fund management fees – legal costs

[1]
HIS HONOUR: On 21 January 2015, a verdict and judgment was found for the plaintiff against the defendant in the sum of $606,473.60. Directions were made as to written submissions on fund management fees and costs: Zheng v Wallace [2015] NSWSC 3.
[2]
On 28 January 2015, the plaintiff submitted (MFI 3) that:
[3]
The defendant’s solicitors advised by an email dated 6 February 2015 that the defendant did not intend to make any submission (MFI 4). Accordingly, the defendant has not contended that the court should depart from the usual rule that costs follow the event. Furthermore, there is no criticism of Mariano Rossetto’s assessment of the total present value cost of funds management. It appears to me that this assessment is made in accordance with the principles in Gray v Richards [2014] HCA 40; (2014) 313 ALR 579 and is reasonable.
[4]
I make the following further orders:
1. (1)
  The defendant is to pay the plaintiff’s costs.
2. (2)
  The defendant is to pay the costs of fund management in the sum of $84,560.00.