LTL Recovers $103.2 Million For Client In Arbitration
Los Angeles, May 8, 2019,/PRNewswire/ — On behalf of its client China Petrochemical Development Corporation (“CPDC”), a large chemical manufacturing company based in Taiwan, LTL Attorneys prevailed on a breach of contract claim following six days of arbitration involving three parties. Ultimately, LTL secured approximately $103.2 million for CPDC in arbitration.
The counterparties—both multi-billion dollar NYSE traded companies represented by Jones Day and Hogan Lovells—refused to honor a contract signed with CPDC. Ultimately, CPDC had to initiate an arbitration on its claim for breach of contract. Following the filing of the arbitration, LTL secured a $100 million settlement for CPDC through intense negotiations over the Christmas and New Year holidays. Then, refusing to dismiss the arbitration, LTL aggressively sought damages from the counterparties.
During the course of the arbitration, the counterparties brought counterclaims against CPDC for breach of contract, as well as numerous affirmative defenses. Following six days of arbitral hearings, the three-member panel issued an over-100 page opinion that rejected nearly all of the counterparties’ counterclaims and affirmative defenses, while awarding CPDC an additional $3.2 million in damages (including attorneys’ fees).
The case was tried by LTL attorneys Michael Song and Alex Hu. Representing the counterparties were lawyers from Jones Day and Hogan Lovells. “Michael’s and Alex’s mastery of a complicated set of facts made all the difference in this proceeding,” said LTL Managing Partner David Ammons. This latest result further cements LTL’s successful track record of representing plaintiffs in business disputes. With this result, LTL has now recovered over $300 million for its plaintiff-side clients in the last 4 years.