LONDON, July 16, 2018 – King & Spalding has successfully struck out of a multi-million dollar claim brought by Catalyst Managerial Services (CMS) against our client, Libya Africa Investment Portfolio (LAIP), in the English Court of Appeal.
CMS first brought its claim against LAIP in 2012 for US$15 million in alleged unpaid invoices and in excess of US$500 million in estimated damages for alleged wrongful termination of a management consultancy agreement entered into under the Gaddafi regime.
LAIP’s new management denied the claim in its entirety and consistently asserted that it was a sham and, in 2016, was granted permission to advance a counterclaim in fraud against the individuals who appeared to be behind CMS’ claim in the High Court. CMS’ claim was struck out in its entirety in March 2017, which CMS appealed. On 12 July 2018, the Court of Appeal confirmed the High Court’s decision. The judgment can be found here.
King & Spalding advised LAIP on the case and also preformed advocacy before the English courts. The London-based team was led by partners Stuart Isaacs QC and Tom Sprange QC and included fellow partners Egishe Dzhazoyan, Ruth Byrne and Sajid Ahmed, senior associate Ben Williams, senior lawyer Darshna Patel and associate Charity Kirby.
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