30/06/2005
NEWS STORY
WilliamsF1 and McLaren have filed a negligence claim against (law firms) Linklaters and Baker & McKenzie, which is due to be heard next January.
The claim relates to negotiations and contracts the two law firms handled for the two F1 teams in 1998, when WilliamsF1 and McLaren both believed they had (each) secured the rights to a £19m ($34m) 'windfall', following a proposed flotation of F1 by Bernie Ecclestone.
The floatation was finally abandoned and Ecclestone subsequently sold the majority of the rights (to EM.TV) for £812m ($1.46bn), but never paid the teams due to "contractual details", hence the two F1 teams are now suing their lawyers.