__Deal highlight
Landmark victory in merger agreement breach trial
Pharmaceuticals & healthcare
We achieved victory in the Delaware Court of Chancery for Anthem, Inc. in a trial against former merger partner Cigna, as the Court determined that Cigna breached the US$54 billion merger agreement, and relieved Anthem of the obligation to pay the US$1.85 billion contractual termination fee. Anthem also defeated each of Cigna’s claims.
The merger, which was announced in 2015, would have combined the country’s second- and third-largest commercial health insurers. This landmark victory resulted in the longest decision ever issued by the Delaware Court of Chancery. View the press release here.
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Victories for telecom company in arbitration, enforcement and annulment
Telecommunications
We secured victories for PT Ventures SGPS SA, a Portuguese telecommunications company ultimately owned by Sonangol EP, the Angolan state oil company, in obtaining and enforcing an ICC arbitration award amounting to more than US$650 million (plus interest) in the British Virgin Islands, and in resisting annulment of the award before the Paris Court of Appeals. The award relates to PT Ventures’ shareholding in Unitel S.A., Angola’s largest telecommunications company. In granting PT Ventures permission to enforce the award, the BVI Commercial Court ruled that the opposing party, Vidatel, had failed to establish its defenses related to the alleged irregular constitution of the arbitral tribunal and an alleged lack of impartiality of two of the five arbitrators. The same arguments were also raised by Vidatel in separate annulment proceedings before the Paris Court of Appeals, in which PT Ventures was also successful. View the press release here.
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Victory for the Russian Federation in arbitration claims
Sovereigns
We secured a complete victory for the Russian Federation in its defense of a US$14.5 billion claim brought against it by Sergei Pugachev, who sought US$14.5 billion from the Russian Federation in relation to a variety of assets, including high-profile assets in the property, shipping and mining sectors. The claim alleged the Russian Federation had illegally expropriated from Pugachev in breach of the France-USSR bilateral investment treaty. The majority of the tribunal found that the treaty requires an investor to hold the relevant nationality at the time of making his investments, and not just at the time of the alleged breach of the BIT and the time of making their claim. The tribunal found that Pugachev was not a French national at the time he made his investments, and that it lacked jurisdiction over the claims. They were dismissed in their entirety.
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Victory for the largest telecommunications project in Mexico’s history
Telecommunications
We secured a victory for Altán Redes in an amparo trial (an extraordinary constitutional appeal) initiated by Rivada Networks and Spectrum Frontier against the bid award of the Red Compartida project. The victory included a favorable judgment issued by a Collegiate Tribunal denying the amparo protection requested by Rivada, as well as a resolution of the Supreme Court of Justice, which dismissed Rivada’s arguments challenging the constitutionality of various articles of the Public-Private Partnership Law. The bid award is now irreversible, and there are no potential risks to third parties, including investors and clients. View the press release here.
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LNG price review arbitration and expert determination
Oil & gas
We represented an Asian energy company in securing a complete victory in a price review expert determination under a long-term LNG contract. We also represented the client in an LNG pricing arbitration under a long-term LNG sale and purchase agreement. It was likely the first time an LNG pricing review proceeded to arbitration in Asia.
