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Amsterdam District Court dismisses Habas claim against Duet
 FirmNews 
Date
10 July 2015

Amsterdam District Court dismisses Habas claim against Duet

In a recent judgment, the District Court of Amsterdam dismissed a legal claim brought in April 2014 by the Dutch unit of Habas Investments (Habas Tulip) against Duet Asset Management (a global alternative asset management firm) and ordered Habas to pay the costs of the proceedings.

Mishcon de Reya and De Brauw acted for Duet.

Duet successfully defended Habas' claim that Duet had breached an agreement to acquire shares in Nieuwe Steen Investments (NSI) from Habas for €58m.  

Mishcon de Reya's Head of Finance & Banking, Masoud Zabeti, commented: "The District Court of Amsterdam found it is inconceivable that Hertzel Habas (Chairman of the Habas Group) was unaware at the time the agreement was entered into with Duet that NSI was in the process of arranging a deeply discounted €300m private placement and that Mr Habas' knowledge must be attributed to Habas Tulip.  Mr Habas was involved in the proposed sale of Habas' shares in NSI to Duet."