Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

U.K. Business Lawsuits Rise as Lehman-Claims Expiry Date Looms

Nov. 4 (Bloomberg) -- U.K. business lawsuits increased 23 percent in the last year as lawyers try to beat a 2014 deadline to bring claims related to the financial crisis.

Cases filed at the Commercial Court, where most business disputes in the British capital are heard, reached 1,393 in the year ending Sept. 30, law firm Reynolds Porter Chamberlain LLP said in a statement.

Most legal disputes over contractual claims in the U.K. must be filed within six years of an alleged breach. RPC, based in London, said the rise in claims is because it is more than five years since the collapse of Lehman Brothers Holdings Inc. in September 2008 roiled financial markets worldwide.

“The financial crisis exposed businesses to huge losses on everything from complex financial transactions to the most straightforward of commercial agreements,” said Geraldine Elliott, a lawyer at RPC. “A lot of businesses are very busy looking for ways to unpick transactions that lost their business large sums of money after Lehman Brothers collapsed.”

An increase in wealthy foreigners bringing disputes to London has also contributed to the rise, the report said.

Ukrainian billionaire Victor Pinchuk filed a suit in London’s High Court in May against two other magnates from his country over shares in an iron ore company. Russian billionaires Roman Abramovich and Oleg Deripaska both defended claims brought by former business partners at the U.K. courts in 2012.

To contact the reporter on this story: Suzi Ring in London at sring5@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.