Addleshaw Goddard loses in mammoth CFA case Berezovsky v Abramovich

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  • No surprise as to the verdict!!
    Why on earth AG did this on a CFA basis is beyond me - silly silly mistake!!

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  • A hard-hitting verdict no doubt, but no reflection on the superb effort and skill by the Berezovsky legal team. Addleshaws are a commercial firm who are prepared to take a gamble; that they have guts and are prepared to take a loss occasionally will now be evident to all they come across. It will do them little harm in the long run. And there is always the inevitable appeal...It isn't all over yet.

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  • I thought they took out insurance to cover this eventuality, so not so silly?

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  • Appeal? Seriously? Have you read Gloster J's assessment of Berezovsky as a witness? I can't remember reading a more damning assessment.
    As this case all boils down to one guy's version of events against another's, the fact that the trial judge has made these findings of fact makes the judgment pretty much unappealable.

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  • But that will only cover thier opponents costs and disbursments not thier own.

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  • The insurance is almost certainly just to protect Beresovsky against adverse costs orders and to cover his own disbursements. I'd be amazed if the cover extended to AG's costs.

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  • The question is, how did they find an insurance company willing to take the risk. . . perhaps they are the silly ones?
    No bonus's at AG next yr then no doubt. . .

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  • It will be interesting to see if the gamble continues and who pays for the lost income.
    Is it all covered by by the CFA ?
    Will some heavy weights join the list of 24 ?
    Will they act for B....... again on this basis ?
    Only time will tell - However AG are a decent firm at end of day and will live to fight another day.

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  • Presumably this will be a charge in the accounts that depresses profits. More redundancies next year?

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  • This must have cost the firm several million in fee's. I would imagine redundancies are almost certain.
    Shame as AG is a great firm.

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