Fox Williams on Goldman Sachs-IFE litigation” />Herbert Smith and Fox Williams go up against one another in court this week for the first time since the collapse of the Equitable Life trial in December 2005.
Herbert Smith partner Damian Byrne Hill is acting for Goldman Sachs as it defends itself against allegations of misrepresentation brought by Belgian investment company IFE Fund, represented by Fox Williams dispute resolution head Tom Custance.
IFE is claiming E110m (£73.85m) in damages for Goldman Sachs’ alleged failure to disclose an accountant’s report into UK car parts distributor Finelist. Goldman Sachs was acting as the arranger and syndicator for the acquisition of Finelist. IFE claims that it would not have invested in the company, which went into administration shortly after the deal, had the report been disclosed.
The two firms last faced each other during the Equitable Life trial, where Herbert Smith acted for the mutual and Fox Williams represented one of the former directors accused of negligence. The case finally settled in December following months of negotiations.
As in Equitable Life, Fox Williams has turned to 3 Verulam Buildings for counsel. Custance has instructed Jonathan Nash, whose appointment to silk was announced in July.
Meanwhile, Byrne Hill has instructed Brick Court Chambers’ Mark Howard QC for Goldman Sachs.
Juniors Rajesh Pillai for IFE and David Quest for Goldman Sachs are also from 3 Verulam.
The trial kicks off tomorrow (3 October) for nine days.