International law firm Reed Smith has become the target of a £20 million claim from a sanctioned shipping client, Virgo Marine. The shipping company was sanctioned by the US Office of Foreign Assets Control in 2022 for its involvement in arranging “vessels for the storage and transportation of Iranian petrochemicals”.
It is not yet clear the specifics of the claim Virgo Marine is making against Reed Smith. However, such a significant claim underscores the potential legal ramifications for firms dealing with clients facing sanctions.
For additional information about the ongoing case, see the full story at Law.com’s
International Edition.