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Pipers settles billion dollar claim

Pipers settles billion dollar claim

Piper Alderman has settled a $US1.33 billion ($1.39 billion) claim against Eastern Star Gas Limited in the District Court of Kentucky in the United States.ClassicStar LLC's United States Civil…

Piper Alderman has settled a $US1.33 billion ($1.39 billion) claim against Eastern Star Gas Limited in the District Court of Kentucky in the United States.

ClassicStar LLC's United States Civil Action alleged the wrongful removal of funds by parties unrelated to Eastern Star, rendering ClassicStar insolvent.

ClassicStar's claim against Eastern Star, which was one of many instigated by ClassicStar's Trustee in Bankruptcy, misconceived the relationship of a joint venturer with Eastern Star, seeking to make equitable claims against Eastern Star because of that relationship.

Those claims were not available and the Trustee appreciated that once the true position was made clear to him.

Gordon Grieve, head of Piper Alderman's resources practice, led the defence against the claim, succeeding in having the action completely dismissed by agreement with ClassicStar's Trustee.

Grieve said of the deal: "Whilst the matter could not, in our opinion, have succeeded in any way, such claims are distractions from the client's main business, particularly when brought in foreign jurisdictions."

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Pipers settles billion dollar claim
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