Disputes

When Lehman filed for bankruptcy it defaulted on credit default swaps bought by hedge fund QVT Financial. QVT calculated damages as US$265 million and Lehman disputed the sum. To keep to the trial date, we fought as few disclosure requests as possible and didn’t file dispositive motions which gave Lehman little ground for delay. We argued the contracts gave QVT discretion to calculate reasonable good faith damages and the result was binding. We asked our client to testify to the reasonableness of the calculations and called valuation experts to confirm. Our case lasted 4 weeks. Without putting on its own case, Lehman settled.

A UK-listed manufacturer spotted a possible problem in a JV on the other side of the world after concerns were raised about liability under UK or local legislation. We investigated what had gone on. To stress test the company’s compliance program, we identified its highest risk jurisdictions and audited their compliance there. Our team questioned people in finance and management in Brazil, China, Egypt, Mexico, Pakistan, the UAE, Vietnam, and more. Our handling was cost effective for the client and avoided duplicating legal input. We advised the board whether it had adequate procedures in place and on next steps.

SABMiller, as it then was, and Diageo were JV partners in the Kenyan and Tanzanian beer markets. When Diageo took steps to buy shares in a competitor, and end the JV, SABMiller needed to look after its interests. We got an injunction right away to block the Diageo's new deal and to stop their plans to compete with the JV. This protected SABMiller’s interests and gave commercial certainty while the dispute was referred to an expedited ICC arbitration. As a result, both sides reached agreement on settlement terms.

When an engineering firm faced claims of several billion US$ on a project, everyone’s reputation was at stake. We analyzed agreements between the owner, contractors, project managers, suppliers, and designers. Contracts were governed by law where we don’t have an office; we won the mandate due to experience advising construction and engineering firms no matter what the jurisdiction. Our knowledge of design, procurement, scope changes, and quality control helped us manage legal and commercial issues. Our advice protects the client’s position, allows work to continue to keep the project on track, and establishes an approach for resolving new issues as they arise.