In rejecting the arguments on „acute practice,“ the judge referred to the legal principle (as set out in the case of the House of Lords of BCCI/Ali -others  IKHL 8), if a party does not disclose the existence of an action against it, the other did not know before an agreement was reached with a general release (i.e. all known or unknown claims), this would be considered unacceptable – the law would then provide a remedy for the aggrieved party. The judge found that this principle did not apply to the transaction agreement in this case. It has been developed in sufficient detail. It was essential that it include specific publications of requests for investigations and actions by the authorities, as well as the provision of documents and information to the authorities concerning Mr. Johannsson. Consequence (unless implementation is done as an act) — see: Development of transaction agreements – Reflections down The Tchenguiz brothers finally reached a negotiated solution for the procedure with the SFO. The agreed terms provide that the parties refrain from any claim or cause from taking legal action, whether known or unknown, at the origin or origin of the dispute between them. It also created a group of identified individuals, specially protected from future action, and created a category of specific claims that were explicitly released. In addition, the transaction agreement clarified that it did not relate to future claims between the parties that were created after the date of the agreement. However, Vincent Tchenguiz and several of the trust companies he controls (together the „applicants“) did not settle for victory against the SFO and its claims under the transaction agreement, but brought further legal proceedings against Mr. Johannes Johannsson of the Resolution Committee and the Committee`s advisors, GT (together the „defendants“). The complainants alleged a malicious conspiracy and stated that the defendants had fomented the SFO investigation and then directed it by making false accusations against Mr.
Tchenguiz. The complainants stated that the purpose of the alleged conspiracy was to obtain documents and information that would enable Kaupthing`s liquidators to obtain guarantees on the assets of the sister companies. Both Mr. Johannsson and the GT sought a summary decision and were successful. Both motions were brought on the basis that the terms of the transaction agreement prohibit Vincent Tchenguiz and his companies from asserting rights against Mr. Johannsson and GT. Applications were rejected for slightly different reasons. However, the judge, who heard both motions, applied the same reasoning to try them. Estoppel (complete and final settlement standards) – see: Development of transaction agreements – Estoppel (the release of rights) below the execution formalities – see: Comparative rafting agreements – Execution formalities in the context of dispute settlement procedures – Comparison offers (Calderbank, WPSAC and Part 36) If the remedies promised in the judge`s decisions do not succeed, it will limit the ability of a party to a settlement agreement to rely exclusively on the doctrine of illegality to overturn an agreement.
even if there was a conspiracy to force them to settle their accounts. The use of such a situation will be in a separate claim concerning this conspiracy. Given his clear willingness to settle litigation, Mr. Tchenguiz may follow this path. We`ll find out soon. For those involved in high court litigation, an acceptable offer of regulation is often a great relief that promises to increase the burden of stress and work the causes of the trial.