North East investment vehicle Tanfield Group has received a £3.97m settlement from its US law firm over the 2013 sale of a company in the region.
Tanfield Group is in the midst of a legal battle with an American firm over the ownership of Washington cherry picker manufacturer Snorkel. That battle led Tanfield to issue proceedings against Newcastle law firm Ward Hadaway and American lawyers Foulston Siefkin LLP, which advised it in the initial deal.
Now the firm has confimed it has settled its claim against Foulston Siefkin in relation to the UK proceedings on a no-fault basis for $4.5m, (£3.978m) including interest and costs. It said its claim against Ward Hadaway is continuing, with a three-week trial scheduled to begin on November 7.
