The judge in London's High Court agreed with Yes Bank's interpretation of English grammar, saving the bank millions of dollars in a lawsuit.
A $7.5 million lawsuit filed by Cantor Fitzgerald, a US-headquartered financial adviser and investment bank, against Mumbai-headquartered Yes Bank in the high court in London failed because the judge agreed with the latter’s interpretation of English grammar. The case hinged on whether the term “Financing” mentioned in the December 2019 agreement between Yes Bank and Cantor Fitzgerald related only to private placements, private offerings or could it also include Follow-on Public Offering (FPO).
Cantor Fitzgerald claimed that the agreement included FPO which would make them eligible to claim their share from Yes Bank’s successful July 2020 FPO which raised $2 billion in total. Based on investments in the FPO from three entities, Tilden Park (US$ 300 million), Hinduja group (US$ 22.7 million) and Amansa (US$ 50 millio...