Former Aston Martin dealers file £150m lawsuit over Valkyrie underwriting
A couple of ex Aston Martin dealers have launched a £150m lawsuit against the luxury car maker over the underwriting of the Valkyrie model.
Switzerland-based Nebula Project AG filed a private arbitration case in London, as it argued that it was owed royalty payments worth 3 per cent, sources told the Financial Times.
“We are confident in our legal position and believe their counterclaims are retaliatory and without merit,” a company spokesperson told City A.M. on Wednesday.
The luxury car maker initially confirmed the lawsuit last week when it published the prospectus for its £575m rights issue, but didn’t include further details.
Aston Martin launched the rights issue as part of a £653m fundraising move.
It was confirmed on 5 September following backing by a Saudi fund controlled by Crown Prince and de-facto ruler, Mohammed bin Salman.
In the prospectus, Aston Martin said it couldn’t assess the lawsuit’s overall exposure as of yet.
“The arbitration proceedings are at an early stage but the group is of the view that it can defend the claims brought by Nebula Project AG and assert valid counterclaims in the arbitration,” the luxury car maker said last week.
Aston Martin cancelled Nebula’s contract last year and sued the Swiss company for £15m after it accused Nebula of withholding customers’ deposit for the Valkyrie.
“Aston Martin is working with our affected customers to ensure they receive delivery of their vehicles,” the firm added today.
City A.M. has reached Florian Kamelger, one of Nebula’s owners, for further comment.