Olswang is facing a multimillion-pound claim relating to advice it gave on the £460m acquisition of fitness club chain Esporta from private equity firm Duke Street Capital announced in 2006. The case, which has been assigned to the Queen's Bench Division of the Commercial Court, sees Olswang accused of negligence and breach of its duties of care under its client retainer in relation to advice it gave Esporta's acquirers Ironzar III, a trust owned by property investor Simon Halabi. Ironzar claims Olswang breached its retainer duty by failing to alert the trust of the potential pitfalls created by the format of letters of engagement between the trust and Ernst & Young (E&Y), which was conducting due diligence on the acquisition. It also alleges Olswang failed to provide E&Y with the necessary documents it required as part of its due diligence exercise.
June 27, 2013 at 07:02 PM
1 minute read
The original version of this story was published on Legalweek
Olswang is facing a multimillion-pound claim relating to advice it gave on the £460m acquisition of fitness club chain Esporta from private equity firm Duke Street Capital announced in 2006.
The case, which has been assigned to the Queen’s Bench Division of the Commercial Court, sees Olswang accused of negligence and breach of its duties of care under its client retainer in relation to advice it gave Esporta’s acquirers Ironzar III, a trust owned by property investor Simon Halabi.
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