McCarthy Tétrault Achieves Successful Arbitration Outcome for Rio Tinto
December 14, 2011
Toronto, December 14, 2011 − McCarthy Tétrault welcomes a decision by an independent arbitrator upholding a claim by mining client Rio Tinto related to Ivanhoe Mines’ Shareholder Rights Plan (SRP). The arbitrator determined that if Rio Tinto triggers the SRP, the anti-dilution rights granted by Ivanhoe to Rio Tinto in a 2006 Private Placement Agreement will nevertheless continue to apply.
The arbitrator also dismissed a counterclaim by Ivanhoe, ruling that Rio Tinto did not breach its 2006 Private Placement Agreement with Ivanhoe.
Rio Tinto referred the SRP to arbitration in July 2010, three months after the Ivanhoe board of directors adopted it. The arbitration centred on the application of Rio Tinto’s anti-dilution rights, established in the Private Placement Agreement, over the operation of the SRP.
Rio Tinto was represented by an integrated McCarthy Tétrault team, including lawyers from the business law, mining and litigation groups. The team was led by Paul Steep, Neil Finkelstein and Erica Baron, partners in the firm’s litigation group, and Shea Small, a partner in the firm’s business law group. They worked closely together with Rio Tinto internal lawyers Warren Goodman and Alex Chmel, who coordinated the arbitration effort.
About McCarthy Tétrault
McCarthy Tétrault provides a broad range of legal services, advising on large and complex assignments for Canadian and international interests. The firm has substantial presence in Canada’s major commercial centres and in London, U.K.
Built on a unique model of collaboration, the firm brings its legal talent, industry knowledge and practice experience, wherever needed, to help clients achieve the results that are important to them.
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