London Judge Nixes Synergy's Claim To $99M RGI Option

Law360, New York (December 19, 2011, 9:12 PM EST) -- A London judge ruled Monday that investment firm Synergy Classic Ltd. does not have the right to exercise a $99 million option to sell shares of Moscow-focused residential property developer RGI International Ltd. under an investment agreement.

Judge Nicholas A. Hamblen of the commercial arm of London's High Court of Justice ruled that British Virgin Islands-based Synergy's claim over the so-called put option suffered from a "lack of commercial merit" and spared Guernsey-based RGI International a major financial hit.

The fight was over whether Synergy had...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.