Quinn Emanuel and Alvarez & Marsal Secure USD 600 Million Settlement Payment from Indian Bank

A Quinn Emanuel team led by Partner and Chair of the Civil Fraud Practice Nick Marsh and Partner and Co-Chair of the Middle East and North Africa Practice Khaled Khatoun today secured a USD 600 million payment settling proceedings in the ADGM and London courts. The proceedings were brought by Quinn Emanuel’s clients, the Joint Administrators of NMC Health (Richard Fleming and Benjamin Cairns of Alvarez & Marsal) against Indian Bank of Baroda. The settlement amount was paid without any admission of liability or wrongdoing. The settlement terms are otherwise confidential and the parties are no longer in dispute. 

Quinn Emanuel continues to act against Dr Shetty, the founder of NMC Health, and Prasanth Manghat, the former CEO, in the same ADGM and London proceedings. Those ongoing claims are for creditor losses in excess of USD 5 billion. They include serious allegations of fraud in respect of the collapse of FTSE 100 listed healthcare company NMC Health, which failed to disclose billions of dollars of hidden debt to the market. NMC Health was the largest private healthcare provider in the UAE. It was successfully rescued by Alvarez & Marsal after it went into administration in 2020 during the COVID crisis. Quinn Emanuel (Richard East, Nick Marsh and Karabeth Ovenden) advised Alvarez & Marsal on that market leading USD 2.25 billion restructuring.