Brazilian Finance Firm Hits Back In $9.2M Suit Over Fees

By Lucia Osborne-Crowley (August 2, 2021, 1:48 PM BST) -- A Brazilian financial company has hit back at a £9.2 million ($12.7 million) lawsuit brought by a London-based investment firm, saying it does not owe a performance fee because of the fund's poor results.

Banco BTG Pactual SA told the High Court that it had discretion over whether to give Covalis Capital LLP a performance fee linked to a contract under which the U.K. company agreed to operate a fund for the Brazilian firm. Covalis had argued in an April 16 breach of contract claim that BTG owes it at least $9.2 million for two unpaid performance fees linked to a deal...

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