Manches has won a Court of Appeal case that releases it from liability for a £40m arbitration claim.
Mrs Justice Gloster ruled in January that Manches, Sprecher Grier Halberstam and Portner & Jaskel were in breach of limited warranty of authority through their representation (at different times) of an AMB Generali Holding predecessor company.
But the Court of Appeal found that although the firms had been instructed by AMB, they were not liable for any award that might be made by an arbitration between AMB and SEB Trygg Holding. The arbitration was launched after the sale of insurance company Interlife to SEB.
However, Herbert Smith client AMB lost its appeal to remove itself as a party to the arbitration.
Slaughter and May partner Nick Gray acted for SEB. Gray instructed One Essex Court’s Nicholas Strauss QC and 20 Essex Street’s Duncan Matthews QC. Herbert Smith partner Julian Copeman instructed in-house advocate Ian Gatt QC for AMB.
Four New Square’s Jonathan Nash acted for both Manches, advised by Barlow Lyde & Gilbert, and Sprecher Grier, advised by Reynolds Porter Chamberlain. DLA Piper Rudnick Gray Cary and Four New Square’s Nicholas Davidson QC acted for Portner.