Developer Loses Appeal To Avoid Fees For Ex-Lehman Banker
Law360, London (May 12, 2021, 4:08 PM BST) -- A U.K. property developer lost its bid on Wednesday to avoid handing over performance fees and interest worth more than £1.3 million ($1.8 million) to a financier who stopped working on a joint venture.
A three-judge Court of Appeal panel said it could not consider arguments from Grainmarket Asset Management LLP, a property development, investment and management business, about how an agreement with Daniel Donovan had ended, and about his contractual right to performance fees, as they had not been advanced at trial.
The panel said Grainmarket asked the appeals court to find that a joint venture with Donovan, a former Lehman...
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