Equitas - claim in the Commercial Court against Walsham Brothers & Co.14 Nov 2013
Slaughter and May is advising Equitas Limited ('Equitas') on a claim in the Commercial Court against Walsham Brothers & Co ('Walsham'). The claim by Equitas relates to amounts that Equitas believes Walsham has collected on its behalf but not paid to it, in some cases for periods in excess of 20 years, together with claims for investment returns on those sums worth in excess of US$20 million.
In the first stage of the trial relating to various issues of principle, Mr Justice Males in the Commercial Court held that Walsham did have a continuing duty to Equitas to remit funds due to it (such that Equitas' claims to those funds were not time barred), that Equitas was entitled to recover its lost investment returns on those amounts and that Walsham was not entitled to set off amounts it alleged was due to it against those sums.
The second stage of the trial will engage further with a quantification of the amounts owed by Walsham to Equitas.
Dispute Resolution: Efstathios Michael (partner), Kevin Warburton (associate), Mohan Rao (associate)
Counsel for Equitas is Christopher Butcher QC and Benjamin Parker of 7 Kings Bench Walk.
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