Nex Group Fights TP ICAP’s Claim It Breached £1.3B Deal
Law360, London (May 28, 2019, 7:33 PM BST) -- Nex Group Ltd. has denied withholding information about potential liabilities when it sold its voice brokerage group for £1.3 billion ($1.6 billion) to TP ICAP, arguing there was no inherent litigation risk tied to employee income insurance benefits.
In its defense filing, Nex acknowledged that it didn't maintain insurance to pay for the potential cost of older workers filing claims under the plan, which offers benefits to employees who are incapacitated and cannot work. But that doesn't necessarily create a risk that TP ICAP would face litigation from employees over the benefits, since the company could simply pay for the benefits out...
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