Global firm representing landmark banking consortium

Clyde & Co will provide legal services to a new consortium of some of the world’s leading banks, trading companies, and energy firms.

Komgo SA will digitalise trade and commodities finance processes through a blockchain-based open platform. It is a partnership of ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale.

Clyde will supply its services through its mart contracts, blockchain and tokens consultancy Clyde Code. Its team will be led by partners Ian Chung and Patrick Murphy.

“Komgo has the potential to transform the way trade and commodities financing takes place and is a tangible example of how blockchain technology can reimagine and refashion old and inefficient processes,” said Murphy. “We look forward to supporting them with legal advice and services as they establish themselves and grow.”

Saudi Arabia to see surge in foreign investment
International law firms can expect to see new levels of business involving clients investing in Saudi Arabia following changes to the business and legal landscape.

The Saudi Ministry of Justice said on Thursday that it expects foreign direct investment to surge amid legal and regulatory reforms that have made it easier to obtain business licenses, relaxed restrictions on foreign ownership, and strengthened employment and commercial court systems.

"The Ministry has taken several steps to ensure reliable, pragmatic legal processes are in place to serve the continued prosperity of the nation,” the Ministry said. “The strides forward we have taken in our labour and commercial courts, and our introduction of enhanced efficiencies across the legal system, will likely encourage a wave of foreign investment and a surge in employment.”

Bayer unit asks court to toss $289 million verdict
Lawyers have requested the dismissal of a jury verdict concerning allegations that certain weed-killer products have caused cancer.

Last month a US court found in favour of school groundman Dewayne Johnson who had contracted non-Hodgkin’s lymphoma. Johnson’s lawsuit alleged that years of exposure to manufacturer Monsanto’s products had caused the disease.

The court awarded U$39 million in compensatory damages and $250 million in punitive damages but lawyers for Monsanto filed motions requesting the decision be set-aside, damages reduced, or a re-trial granted. The motions will be heard in October.

Monsanto was acquired by global chemicals giant Bayer earlier this year and saw shares tumble following the verdict.

The company denies the allegations.