$215 million settlement in MAE dispute
10 Nov 2025
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After 3 years of Commercial Court litigation, and with a 2 week quantum trial about to commence, Appian Capital and Sibanye-Stillwater have settled their dispute.
The dispute arose from Sibanye-Stillwater’s termination of a US$1.2 billion transaction for the purchase of Brazilian mining assets from funds sponsored by Appian Capital. The Commercial Court found in favour of the Claimant funds on liability. It did so in a landmark 2024 judgment that remains the leading authority on the construction of Material Adverse Effect clauses: see here.
With the quantum trial due to commence on 10 November 2025, the parties settled for a total payment of $215 million inclusive of £5 million in legal fees already paid.
Andrew Green KC, Andrew Scott KC, and Gayatri Sarathy acted for the Claimants instructed by Rajinder Bassi and Noah Stewart-Ornstein, Kirkland & Ellis LLP.
