Charles Fussell & Co LLP has been instructed by QOGT Inc ("QOGT") in relation to an $18 million claim against a Guernsey-based oil and gas technology fund.
QOGT, a Canadian corporation, entered into an investment management and advisory agreement (the "IMAA") with Quorum European Partners LLP (now Linton Capital LLP) ("QEP") and Quorum Oil and Gas Technology Fund Limited (the "Fund") in December 2007. Under the terms of the IMAA, QOGT and QEP were appointed as joint investment managers of the Fund.
In July 2010, the Fund terminated the IMAA on the basis that QOGT and QEP had allegedly not managed the Fund jointly. QOGT maintains that the Fund had no basis to terminate the IMAA and claims damages for the loss it has suffered as a result of what it regards as a wrongful termination of the agreement, and instructed Charles Fussell & Co to bring proceedings in the Commercial Court. Harbour Litigation Investment Fund LP is funding the costs of the claim, and ATE insurance, through Brit Insurance, has also been obtained.
Charles Fussell & Co LLP was instructed in July 2011 and issued a claim on behalf of QOGT in the Commercial Court in January 2012. Alain Choo Choy QC of One Essex Court and Simon Atrill of Fountain Court have been instructed on behalf of QOGT.
The Fund has retained Norton Rose LLP as solicitors and has instructed Jonathan Hirst QC and Richard Blakeley of Brick Court Chambers as counsel.
The matter is currently progressing in the Commercial Court.