The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
DLA Piper has scored a substantial reduction in the damages a so-called vulture fund was seeking to retrieve from the Zambian government.
Mr Justice Smith ruled in the High Court (24 April) that the claim should be limited to $15.5m (£7.73m), as opposed to the $55m (£27.44m) sought by the vulture fund.
US company Donegal International purchased some Zambian debt from Romania in 1999 for $3.2m (£1.6m). It then pursued Zambia for the face value of the debt, but agreed with the impoverished African nation in 2003 to accept $16m (£7.98m).
Zambia defaulted on payment, which under the terms of the deal meant the whole debt plus back interest would be payable - a figure of $55m.
Smith J repeatedly criticised Donegal owner Michael Sheehan for dishonesty.
DLA Piper partner Janet Legrand, acting for Zambia, instructed William Blair QC of 3 Verulam Buildings, with Michael Sullivan of One Essex Court as junior lead.
Donegal was represented by Allen & Overy partner Peter Watson, who instructed Maitland Chambers' Anthony Trace QC, with Benjamin John of Maitland as junior lead.