Asia Times reports that the next court hearing for the Maso Capital vs. Qihoo 360 lawsuit in the Cayman Islands will take place in the first quarter of 2020.
“Maso Capital’s lawsuit against Qihoo 360 is once again in the spotlight – a hearing in a Cayman Islands court is likely to transpire in early 2020 according to recently revealed documents. A settlement is still widely regarded as the likeliest conclusion, given that extended time in court would require more discovery than security companies like Qihoo 360 prefer”, reads the article.
Are lawyers to blame? The article seems to suggest exactly that; “No progress on a settlement has been forthcoming, and so for both sides, lawyers seem to be the only source of money changing hands.” While lawyers are the clear winners in this situation so far, there are also clear losers; Qihoo 360 and its investors. The long and embarrassing discovery process which risks IP exposure and the reputational damages are hitting Qihoo 360 hard.
The same applies to Qihoo’s investors; “Investors want to be made whole quickly and avoid paying enormous legal bills to lawyers who must struggle to enforce poorly conceived cross-border legal structures. … When a company like Qihoo 360 decides that avoidance of mediation and clouding of the discovery process is preferable, it’s the investors who invariably lose.”
And what of the trial? Grand Court Justice Ingrid Mangatal, who presides over the case, left her spot on the judicial bench at the end of October.
A Judicial and Legal Services Commission spokesperson told the Cayman Compass the judge “made a personal decision to demit office as a Grand Court judge at this time in order to pursue other career opportunities”.
“Last year, Mangatal was fined $600 and had her driving licence suspended for a year after pleading guilty to driving under the influence of alcohol and careless driving following an incident in Sept. 2017.
She had crashed her car into a concrete barrier along West Bay Road and told police she could not remember anything about the incident.
Following her sentencing, Mangatal was allowed to remain on the bench.”
2020 is just around the corner. More will be revealed soon.