Kirkland & Ellis apparently wins huge fee in contingency case
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Kirkland & Ellis has apparently received a $200 million contingency fee in its representation of a company claiming that its purchase of chemical businesses was marred by the seller’s fraud and breach of contract.
Law.com has the story on the apparent $200 million fee, revealed in press releases by its client, the Huntsman Corp. According to Law.com, the fee “shows that Kirkland & Ellis’ strategic decision to ‘double down’ on contingency fee cases is paying off in a big way.”
Kirkland announced it 2019 that it has formed a plaintiff-side trial group that will take cases on a contingency or other alternative-fee basis, according to previous Law.com coverage. Kirkland began representing the Huntsman Corp. even before the announcement.
Kirkland had filed suit on behalf of the Huntsman Corp. alleging that a subsidiary of rival company Albemarle engaged in fraud and breached a contract when it sold several chemical businesses to the Huntsman Corp., Law.com reports.
A judge ruled in January 2018 that the case must be arbitrated. An arbitrator ruled for the Huntsman Corp., the companies announced Oct. 29. The companies continued to discuss a final settlement, however.
A Nov. 5 press release announced an agreement between the companies. Abermale would pay $665 million in two payments to end the dispute.
“Net of legal fees but before taxes, Huntsman will receive $465,000,000 in total,” according to the press release.