Rebekah Vardy will have to pay about £1.5 million ($1.7 million) towards Coleen Rooney's legal costs after losing the "Wagatha Christie" High Court case she brought against her fellow footballer's wife.
Mrs Vardy, 40, lost her high-profile libel claim against Mrs Rooney, 36, in July when Mrs Justice Steyn ruled that Mrs Rooney's viral social media post accusing Mrs Vardy of leaking her private information to the press was "substantially true".
In an order made public on Tuesday, the judge ruled that Mrs Vardy should pay 90 per cent of Mrs Rooney's costs.
Mrs Rooney incurred total costs of more than £2 million, but £350,000 of those had already been racked up before the trial in May, so those were removed to produce a final figure of £1,667,860.
Mrs Vardy was ordered to pay £800,000 by 4pm on November 15.
She will also have to pay costs incurred by seven journalists who were potential witnesses but did not give evidence – apart from a portion of their costs, which Mrs Rooney has already been ordered to pay.
The judge ruled on various issues relating to Mrs Rooney's costs after receiving written legal arguments on behalf of both women.
Mrs Justice Steyn said Mrs Rooney has not yet produced a final total costs bill, and therefore the figures in the order were taken from a breakdown of her costs given in a statement from her solicitor.
The total amount of Mrs Vardy's legal costs is not known, but is expected to be of a similar level to those incurred by Mrs Rooney.
Wagatha Christie trial - in pictures
Mrs Justice Steyn said there were certain issues that arose during the week-long trial, which justified the reduction of 10 per cent in the amount Mrs Vardy has to pay, including Mrs Rooney's "weak" allegation that Mrs Vardy was one of the people behind The Sun's "Secret Wag" gossip column, and Mrs Rooney's unsuccessful public interest defence.
"However, given the defendant's success on the defence of truth which was at the heart of this claim, and the degree to which there was overlap between the issues, I consider that the appropriate reduction is 10 per cent," the judge said.
Mrs Vardy had argued for a reduction to 80 per cent, while Mrs Rooney contended there should be no reduction at all.
The final figure of costs Mrs Vardy has to pay may be reduced further if she does not agree to pay the total incurred by Mrs Rooney and, at a later date, a court considers some of those costs to have been unreasonable.
Mrs Justice Steyn also decided the costs should be assessed on an indemnity, rather than a standard basis – a decision which is more favourable to Mrs Rooney in terms of the amount of her legal bill she can recover.
The judge said she was "wholly unpersuaded" by arguments put forward by Mrs Rooney's legal team that she should do so because of Mrs Vardy's "approach to settlement" or interviews she has given since the ruling in July.
But the judge cited other issues, including her finding in the ruling that Mrs Vardy and her former agent Caroline Watt had "deliberately deleted or destroyed evidence".
She said in the order: "In my judgment, what takes this case out of the norm in a way which compels the conclusion that I should make an order for indemnity costs is that in my judgment following the trial I found that the claimant, and also her former agent, had deliberately deleted or destroyed evidence.
"Even if, as the claimant contends I should, I were to disregard the actions of the claimant's former agent on the basis that it was not put to the claimant that she procured the disposal of the phone and I made no such finding, the point remains that I found the claimant deliberately deleted or destroyed evidence.
"Such behaviour is outside the ordinary and reasonable conduct of proceedings. In all the circumstances, I consider it appropriate to order the claimant to pay costs on the indemnity basis."
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
MATCH DETAILS
Chelsea 4
Jorginho (4 pen, 71 pen), Azpilicueta (63), James (74)
Ajax 4
Abraham (2 og), Promes (20). Kepa (35 og), van de Beek (55)
The years Ramadan fell in May
A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
A list of the animal rescue organisations in the UAE
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5