Tanfield Group PLC - investment firm headquartered in Newcastle upon Tyne - Agrees to settle its claim against Foulston Siefkin LLP in relation to the UK proceedings on a no-fault basis for USD4.5 million, including interest and costs. Notes that its claim against the first defendant, Ward Hadaway, continues with the three-week trial scheduled to begin on November 7. The US proceedings are also continuing with the jury trial currently expected to take place around the summer of 2023.
The firm holds a 49% stake in Snorkel, a joint venture with Xtreme Manufacturing LLC which owns the remaining 51%, via its subsidiary SKL Holdings LLC.
Tanfield's equity stake is the subject of legal proceedings in the US, after SKL filed a complaint against the company in court, alleging it refused to comply with contractual obligations when SKL exercised a call option to acquire Tanfield's shares in the JV.
Tanfield brought legal proceedings against its former UK law firm, Ward Hadaway, who oversaw the transfer of the JV, over a breach of legal duty. The law firm contested that it would have been under the remit of Foulston Siefkin, Tanfield's former US firm, and was granted permission to join them into the legal proceedings in February. Accordingly, Tanfield had added Foulston Siefkin as a secondary defendant in the case.
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By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Tanfield (TAN)