Forsys Metal Sued Over Failed Acquisition

Law360, New York (September 4, 2009, 4:38 PM EDT) -- Holding company George Forrest International Afrique SPRL has sued Forsys Metal Corp. in a Canadian court after its planned acquisition of the emerging Namibian uranium producer fell through, seeking CAD$150 million in damages and alleging that Forsys breached an arrangement agreement between the two companies.

In a Sept. 3 statement GFI said the suit, filed in the Ontario Superior Court of Justice, also seeks a declaration that it does not owe Forsys a CAD$20 million reverse break fee, as well as the payment of certain of...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.