GAIN Capital UK Limited v Citigroup Inc

The applicant, Gain Capital UK Limited, appeals against a decision of the Registrar of Trade Marks, who refused to register two trade mark applications filed by the applicant. The respondent, Citigroup Inc, seeks an order that the applicant provide further security for the respondent’s costs of the proceeding in the sum of $380,000. The applicant has already provided security in the sum of $20,000. The legal issue for the court to decide was whether the applicant should be ordered to provide further security for the respondent’s costs of the appeal, and if so, in what amount. The court considered the relevant principles regarding security for costs and the applicant’s financial position. It found that the applicant had sufficient assets to meet the costs sought by the respondent and that the amount of security sought was reasonable. The court granted the application and ordered the applicant to provide further security for the respondent’s costs in the sum of $195,000. The court also ordered that the sum deposited and any interest accrued thereon shall remain in the account until further order and that failing compliance with the order, the proceeding be stayed pending further order.