Snakes and ladders: damages, loss of a chance and remoteness
By Edward Coulson
The claimant, Wellesley, was a London-based executive search agency for investment banks run by Rupert Channing. In 2008, it retained Withers to draft an agreement with a Bahrain bank, Addax. Addax was to invest £2.5m or $5m in exchange for a share of the business that was to be expanded in the Middle East.
Wellesley’s main complaints about Withers were that: the agreement allowed Addax to withdraw 50 per cent of its investment within 42 months rather than after 42 months; and the investment was expressed in US dollars so that Addax had to be repaid in that currency and so Wellesley bore the risk of an unfavourable shift in exchange rates.
The agreement was completed in May 2008 just as the recession took hold. Addax exercised its right to withdraw 50 per cent of its investment in February 2009…
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