Japanese Bank Scores Win In £29M Bond Payout Suit

Law360, London (August 15, 2019, 6:05 PM BST) -- Trade credit insurer Euler Hermes lost its bid Thursday to convince a London court to invalidate Japanese lender Sumitomo Mitsui's demands for more than £29 million ($35.1 million) under a project finance deal.

Judge Christopher Butcher ruled that demands from Sumitomo Mitsui Banking Corporation Europe Ltd. that Euler Hermes pay £21.81 million due under a “performance bond” and a further £7.27 million due under a so-called retention bond were valid as the lender had called in the debt on behalf of Resource Recovery Solutions Ltd., or RRS, which had entered into the bonds with the insurer in 2014.

Judge Butcher agreed with Euler...

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