Validity of notifications of claims for breach of warranty upheld
In TP ICAP Ltd v NEX Group Ltd [2022] EWHC 2700 (Comm) (25 October 2022) the High Court (HC) rejected an application for strike out or summary judgment in respect of a claim relating to the notification of claims for breach of non-tax warranties under a share purchase agreement (SPA).
The underlying claims for breach of warranty related to an investigation by the US Commodities Futures Trading Commission in respect of swaps trading relating to bond issuances and an investigation by a Frankfurt prosecutor into a named director of a group company in respect of cum-ex trading.
In summary the purported breaches related to warranties in respect of the following:
no group company or officer or employee being subject to a non-routine investigation by a ‘governmental authority’ in the preceding 18 months; and
no circumstances existing which could...
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Validity of notifications of claims for breach of warranty upheld
In TP ICAP Ltd v NEX Group Ltd [2022] EWHC 2700 (Comm) (25 October 2022) the High Court (HC) rejected an application for strike out or summary judgment in respect of a claim relating to the notification of claims for breach of non-tax warranties under a share purchase agreement (SPA).
The underlying claims for breach of warranty related to an investigation by the US Commodities Futures Trading Commission in respect of swaps trading relating to bond issuances and an investigation by a Frankfurt prosecutor into a named director of a group company in respect of cum-ex trading.
In summary the purported breaches related to warranties in respect of the following:
no group company or officer or employee being subject to a non-routine investigation by a ‘governmental authority’ in the preceding 18 months; and
no circumstances existing which could...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
