Freshfields and Herbert Smith settle £142m London Underground claim
Freshfields Bruckhaus Deringer and Herbert Smith Freehills have settled a £142m claim from London Underground (LUL) relating to advice the firms gave the company in 2002. The original claim was issued by LUL in the High Court in January 2011 and relates to the company's public-private partnership (PPP) with collapsed transport company Metronet.
September 19, 2013 at 09:34 AM
2 minute read
Freshfields Bruckhaus Deringer and Herbert Smith Freehills have settled a £142m claim from London Underground (LUL) relating to advice the firms gave the company in 2002.
The original claim was issued by LUL in the High Court in January 2011 and relates to the company's public-private partnership (PPP) with collapsed transport company Metronet.
LUL had alleged advice from the firms on contracts drawn up in 2002 meant that following Metronet's administration in 2007 it had to pay out more in associated 'breakage' costs than it should have.
In a statement, a Herbert Smith spokesperson said: "Transport for London (TfL) [LUL's parent body], Freshfields Bruckhaus Deringer and Herbert Smith Freehills have agreed to end the litigation concerning legal advice relating to Metronet's borrowings under the PPP."
"All parties involved are pleased to have resolved this dispute without the need to go to trial. The terms of settlement are commercially confidential."
In 2011, Freshfields said it totally rejected the claims brought by LUL, which it said it would and would "vigorously" defend.
Freshfields advised LUL on matters relating to the PPP between 1998 and 2003 with finance partners Richard Phillips and Jeffrey Rubinoff at the helm on a mandate that netted the magic circle firm £27m.
LUL's PPP with Metronet launched in 2003, with the deal leaving the operational running of the tube system to LUL, while handing over control of the tube lines to infrastructure groups tied to Metronet.
Metronet then went into administration in 2007 with the contracts drawn up as part of the agreement meaning LUL had to purchase some of its debt to re-pay investors.
Earlier this year, Legal Week revealed Herbert Smith earned £42.2m in fees from TfL in the five years to the end of 2012, the largest amount of any appointee to the body's legal panel.
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