The Supreme Court in London has ruled unanimously to overturn previous verdicts in favour of Inveresk in its legal battle with papermaker Tullis Russell over the purchase of the Gemini brand in 2005.
The case revolved around the ‘additional consideration’ which Inveresk alleged Tullis Russell was due to pay in relation to the volume of the Gemini business successfully transferred following the acquisition.
While Inveresk has been claiming that a figure of over £900,000 was due and that Tullis Russell was ‘simply dragging its heels unreasonably to avoid this allegedly justified payment’, Tullis Russell argued that, according to the agreements between the companies, the amount due should, in its view, be determined by an expert, substantially less and retained pending determination of its claim against Inveresk.
This view was fully and irreversibly upheld by the Supreme Court's verdict and Tullis Russell's position wholly vindicated.
This is only one part of the dispute over the Gemini deal, with Tullis Russell suing Inveresk for more than £5 million in a separate action currently underway in the Scottish courts.
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