Baker & McKenzie has initiated legal action against Chinese property developer Xinyuan Real Estate Co. Ltd, asserting that the developer has failed to pay $334,000 in outstanding legal fees. The complaint was filed on July 2 in the Supreme Court of the State of New York and indicates that these fees stem from three years of legal services, including financial form filings, assistance with earnings releases, and press release reviews.
The retainer agreement between Baker McKenzie and Xinyuan, which began in 2009, entailed that the law firm would manage and ensure compliance with SEC filings and securities-related regulations. However, Baker McKenzie highlights that Xinyuan accrued unpaid fees between April 2019 and August 2021. While the developer initially owed nearly $345,000, they paid a little over $11,000 in April 2022 following a demand letter.
Baker McKenzie, represented by London Fischer LLP, is a global firm with over 6,500 lawyers across 70 offices. The firm has yet to receive a response from Xinyuan or its legal representatives regarding the case, which is listed as Baker & McKenzie LLP vs. Xinyuan Real Estate Co. Ltd., No. 653420/2024. Full details of the complaint can be found here.