7/10/2015
START DATE
END DATE
Global Distressed Alpha Capital I Limited v. Christian Michelsen Herman and Walton Law Eddlestone
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Court of Appeal (Civil Division) on appeal from Supreme Court of Bermuda
Commercial Law
Sir Christopher Clarke Sir Anthony Smellie KCMG Dame Elizabeth Gloster DBE
Gregory Banner KC Lilla Zuill
Graham Chapman KC Katie Tornari Jai Pachai
FACTS OF THE CASE:
GDACI claims wrongful payments made to entities controlled by defendants during their directorship resulting in financial loss to GDACI. Defendants argue indemnity under company bye-laws. Appeal focuses on construction of bye-law 42 indemnity and waiver provisions
SUMMARY:
Issues involve bye-law interpretation application of indemnity to director claims and exclusion of fraud/dishonesty from indemnity coverage
OUTCOMES:
Outcome pending analysis suggests potential constriction of bye-law 42.1 to third-party liabilities distinct from claims by company itself
RULED IN FAVOUR OF:
undetermined pending appeal decision
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Global Distressed Alpha Capital I Limited v. Christian Michelsen Herman and Walton Law Eddlestone
GDACI claims wrongful payments made to entities controlled by defendants during their directorship resulting in financial loss to GDACI. Defendants argue indemnity under company bye-laws. Appeal focuses on construction of bye-law 42 indemnity and waiver provisions