*Stein v Chodiev and others

Contract – Repudiation. In a dispute involving little or no law and depending upon the resolution of disputed evidence, the claimant lawyer, banker and corporate financier sought payment for his management of trade finance and an initial public offering for the defendants. The Commercial Court, in allowing his claim, found that the parties had entered a binding oral agreement, which had been repudiated by the defendants. Accordingly, the claimant would be entitled to US$2.9m for the wrongly deducted salary retainer and the balance of his success fee as to trade finance, and for damages of US$15.5m in respect of the success fee for the initial public offering.

Category: