IWG has acted for Kaupthing Singer & Friedlander (In Administration) in successfully resolving a substantial professional negligence action against a leading global real estate advisor and valuer.
Kaupthing alleged that in January 2008 the real estate advisor had been negligent in valuing a substantial development in Manchester. They had advised that the GDV of the development was £88m and the vacant possession market value was £18.65m. A retrospective valuation suggested the January 2008 vacant possession market value was actually only around £2.085m.
Proceedings were issued by Kaupthing against the real estate advisor in July 2013 and, following an extensive e-disclosure exercise, the parties agreed to hold a quasi-mediation. The settlement meeting was organised and structured like a mediation, but with the parties’ solicitors encouraging negotiations rather than a mediator. The solicitors were successful in bringing the parties together and resolution was achieved amicably and, unusually, a settlement agreement was finalised and signed at a sensible hour.
IWG litigation partner Sanjay Chandarana advised Kaupthing. Further information on Sanjay Chandarana can be found on the Meet the Team page. Information on the litigation team can be found on the Litigation page.