A stock-market listed Spanish Company commenced a liability action against two of their old administrators claiming more than 1,500 million Euros. The action was commenced after the company's acquisition through an Initial Public Offering and its subsequent meeting of creditors. The action was based on alleged damages to the company resulting from an alleged devaluation of its assets.
A multidisciplinary work team was created to handle the complex circumstances of the case within different areas of Law (insolvency, corporate, civil, accounting and public planning related matters). An exhaustive defence of the case was prepared based on several technical legal questions. Furthermore, the case required an extraordinary deployment of means of proof, which included hundreds of documents, dozens of witnesses and more than 40 experts in property and financial-accounting matters, which led to an oral procedure that lasted five days.
The claim was rejected at first instance with express allocation of costs. The judgement was upheld by the Provincial High Court, also with allocation of costs. The case is currently pending judgement by the Supreme Court.