Developer Appeals To Avoid Fees For Ex-Lehman Banker

Law360, London (April 27, 2021, 7:28 PM BST) -- A U.K. property developer urged an appeals court Tuesday to overturn a ruling that it owes performance fees and interest worth more than £1.3 million ($1.8 million) to a financier who stopped working on a joint venture.

Counsel for Grainmarket Asset Management LLP, a property development, investment and management business, said a lower court ignored case law linking contractual rights to performance and found that the fees promised to Daniel Donovan were independent of his duty to further the joint venture.

Notably, the judge also held that Donovan, a former Lehman Brothers banker, had not substantially performed his promised share of...

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