Terra Firma is set to become the sole defendant in the case brought by French Bank Ixis over the collapse of television rentals company Boxclever.
Ixis had claimed for co-purchase agreement and acquisition losses arising from the collapse of Boxclever. The original claim had been brought against the private equity group, German lender WestLB and Canadian Bank CIBC.
Ixis' lawyers yesterday told the High Court that a confidential settlement agreement had been reached between the bank and West LB and CIBC.
The high court showdown was set to be one of the biggest litigation cases of the year. Terra Firma is continuing to deny the claims which are not likely to be heard until next month while a revised timetable is introduced.
Lovells litigation partner Graham Huntley has instructed Mark Hapgood QC and Jonathan Dawid of Brick Court Chambers and Tim Howe and Nick Yeo at Fountain Court to act on behalf of Terra Firma.
Stephenson Harwood partners Sunil Gadhia and Ed Davis instructed Joe Smouha QC Essex Court Andrew Twigger and Oliver Hilton, 3 Stone Buildings to act on behalf of IXIS.
Herbert Smith partner Kevin Lloyd instructed Tim Ivory QC and David Woolfston of One Essex Court to act on behalf of CIBC.
Jonathan Kelly, partner with Simmons & Simmons instructed Michael Brindle QC, John Taylor and Chloe Carpenter at Fountain Court on behalf of West LB.