Software Co. Loses $23M Share Fight With Offshore PE Firm

Law360, London (December 19, 2019, 4:33 PM GMT) -- A court for overseas U.K. territories on Thursday upheld a $23 million arbitration award issued to a private equity firm that cashed out of an American financial payments software company, ruling that the fintech business had abandoned its defense against the claim.

The Judicial Committee of the Privy Council threw out VSoft Holdings LLC’s bid to upend an award that Mauritian arbitrators handed to Peepul Capital Fund II LLC in 2015 involving a dispute over the private equity investor’s decision to exit the tech company.

The court, which is the highest appellate court for U.K. territories, ruled that an arbitrator was...

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