Law360, London (August 15, 2019, 6:05 PM BST) -- Trade credit insurer Euler Hermes lost its bid Thursday to convince a London court to invalidate Japanese lender Sumitomo Mitsui's demands for more than £29 million ($35.1 million) under a project finance deal.
Judge Christopher Butcher ruled that demands from Sumitomo Mitsui Banking Corporation Europe Ltd. that Euler Hermes pay £21.81 million due under a “performance bond” and a further £7.27 million due under a so-called retention bond were valid as the lender had called in the debt on behalf of Resource Recovery Solutions Ltd., or RRS, which had entered into the bonds with the insurer in 2014.
Judge Butcher agreed with Euler...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!