Homburger Arbitration Team successfully defends claims
In its Final Award, an international Arbitral Tribunal sitting in Zurich has dismissed all claims brought by a claimant from the British Virgin Islands against two respondents from Turkey.
The dispute concerned whether loans granted by the claimant to the respondents were repaid in full. The claimant argued that substantial amounts had yet to be repaid, and that in addition to the disputed remaining balance, interest was due. The respondents, represented by Homburger (Litigation / Arbitration associates Melissa Magliana and Jonathan Barnett) acknowledged that the loans were granted, but argued that after entering into the loan agreements, a settlement had been reached whereby the terms of repayment were amended and the outstanding amounts significantly reduced. The claimant denied that any amended terms or settlement were agreed.
The Arbitral Tribunal determined that – as argued by the respondents – a full settlement had been reached. The Arbitral Tribunal thus dismissed all of the claimant’s claims in full and awarded the respondents all costs.