Forsters secures victory in defence of €50 million investment fraud case
G.I. Globinvestment Ltd & Ors v XY ERS UK Limited & Ors [2025] EWHC 740 (Comm)
The Dispute Resolution team at Forsters has successfully acted for Skew Base Investments SCA RAIF (a Luxembourg alternative investment fund) and its general partner, Skew Base S.A.R.L, in their defence of a €50 million claim brought in the Commercial Court by ex-Ferrari Chairman Luca Cordero di Montezemolo, his son, Matteo, and their family investment vehicle, G.I. Globinvestment Limited.
The claim (which was brought against a total of ten defendants) arose out of the significant losses suffered by the claimants on their investments in the Skew Base fund as a result of market turbulence in 2020 caused by the COVID-19 pandemic. As against the Skew Base entities, it was alleged that they had participated in an unlawful means conspiracy pursuant to which they were said to have maintained a “façade” to the effect that the Skew Base fund was run independently from certain other defendants.
Following a seven-week trial, during which the Court heard evidence from 18 witnesses, Mr Justice Jacobs handed down a 342-page judgment dismissing all of the claims, including those as against the Skew Base entities. In doing so, he found (amongst other things) that the claimants had failed to establish the underlying wrongs (namely deceit, breach of fiduciary duty and dishonest assistance) upon which they relied for the purposes of the conspiracy claim. He also held that he did not consider “that the evidence establishes that there was in fact anything that could properly be considered to be a façade at all”.
Forsters was also successful in obtaining an order for indemnity costs against the claimants in favour of the Skew Base entities.
The team at Forsters was led by Partner and Head of Commercial Disputes Steven Richards who was supported by Associates Frances Snowball and Naomi Rasooly. Forsters instructed Robert Weekes KC and Warren Fitt (both of Blackstone Chambers).
Partner Steven Richards has commented that: “I am delighted that we have achieved such a resounding victory for our clients and that their position has been entirely vindicated following the comprehensive dismissal of the very serious claim brought against them in fraud”.
