Eurasian Natural Resources Corporation (ENRC), the Serious Fraud Office (SFO), Dechert and former Dechert lawyer Neil Gerrard have settled a long-running lawsuit.
The dispute grew from an SFO investigation into alleged bribery involving ENRC. However, the mining company denied the allegations.
The parties reached a confidential settlement outside court on September 2, 2026. As a result, the deal ends years of legal disputes. The settlement came before the High Court ruled on damages.
Key Takeaways
- ENRC, the SFO, Dechert and Neil Gerrard settled the civil case.
- The settlement terms remain confidential.
- The SFO investigated ENRC from 2013 to 2023.
- The agency ended the investigation without criminal charges.
- ENRC sought about $166 million in damages, plus interest.
- The High Court found that the SFO breached its duties.
- Meanwhile, a separate ENRC case over alleged leaks ended in 2024.
- The case raises important issues for lawyers and regulators.
Why Did the SFO Investigate ENRC?
The SFO began investigating ENRC in 2013.
The probe focused on suspected bribery and corruption. The allegations involved mining assets in the Democratic Republic of Congo and elsewhere.
The alleged conduct involved mining contracts from 2009 to 2012. However, ENRC denied that it had bribed officials.
The investigation lasted about 10 years. Nevertheless, the SFO closed it in 2023 without criminal charges.
The agency said there was not enough admissible evidence to prosecute ENRC. Therefore, the company did not face a criminal trial.
ENRC Sued the SFO and Dechert
The end of the criminal probe did not end the wider dispute.
Instead, ENRC sued its former lawyers in 2017. It later sued the SFO in 2019.
The case focused on how the SFO handled information during its investigation. It also examined the agency’s dealings with Neil Gerrard.
At the time, Gerrard was an ENRC lawyer at Dechert. Later, his dealings with the SFO became a key issue in court.
High Court Found SFO Had Breached Its Duties
The High Court found that the SFO breached its duties between 2011 and 2013.
The court said the agency engaged with Gerrard and obtained unauthorized information. It also found that the SFO would not have opened its ENRC probe without that conduct.
As a result, those findings added a serious legal issue to the dispute.
They also raised questions about how regulators deal with lawyers who represent companies under investigation.
How Much Money Did ENRC Seek?
ENRC sought substantial damages from the SFO and Dechert.
First, the company claimed about $76 million for costs linked to the investigation.
It also sought about $90 million for higher borrowing costs. Those costs followed the public disclosure of the investigation.
In addition, ENRC sought interest on its claims.
Together, the two main claims totaled about $166 million, before interest.
The claims went beyond the cost of defending the SFO investigation. Instead, ENRC argued that the probe caused wider financial harm.
Damages Trial Took Place in 2026
The SFO and Dechert disputed ENRC’s claims.
Earlier in 2026, a damages trial took place. The High Court was expected to decide whether ENRC should receive compensation.
The court was also expected to decide how much compensation might be due.
However, the parties settled before the court issued its ruling.
Therefore, there will be no public damages award in the case.
The parties have not disclosed the settlement terms. As a result, it is not known whether ENRC will receive a payment.
ENRC, SFO and Dechert Settle Lawsuit
The SFO confirmed the settlement on September 2.
The agency said ENRC, the Director of the SFO, Dechert and David Neil Gerrard had ended the proceedings.
The parties agreed to confidential terms.
The deal ends the long-running legal dispute. It also avoids a public ruling on damages.
However, the parties have not disclosed why they chose to settle.
They have also not disclosed any payment amount.
SFO Says It Has Changed Its Safeguards
The SFO has highlighted changes made since the events in the case.
Matthew Wagstaff is the agency’s director of legal services. He said the SFO now has stronger governance and independent oversight.
He also pointed to clearer safeguards.
Furthermore, the agency said it is confident that the conduct identified by the court cannot happen again.
These changes could interest lawyers who advise companies under investigation.
They also show how major cases can lead agencies to review their practices.
A Separate ENRC Lawsuit Ended in 2024
The latest settlement follows another ENRC dispute with the SFO.
ENRC had sued the SFO, a former case controller and a former employee. The company alleged that information from its investigation had been leaked to journalists.
That case ended in a settlement in 2024.
Meanwhile, the separate lawsuit shows how a corporate investigation can lead to years of legal disputes.
Even after a criminal probe ends, related civil claims can continue.
What the ENRC Case Means for Lawyers
The ENRC lawsuit offers lessons for lawyers, regulators and companies.
Client Confidentiality Matters
Corporate lawyers often handle sensitive information.
Therefore, they must protect client information. They must also use care when sharing information with regulators.
The ENRC case shows how information disputes can become major issues in court.
Regulators Must Follow Clear Rules
Government agencies also have legal duties.
For that reason, investigators must follow clear rules when gathering information.
The High Court’s findings show the risks when investigators fail to follow proper procedures.
Clear internal rules can help reduce those risks.
Corporate Investigations Can Create Long-Term Costs
The ENRC case also shows how costly investigations can become.
The company sought money for investigation costs and higher borrowing costs.
Moreover, the legal dispute continued after the SFO closed its criminal probe.
As a result, companies must consider both short-term and long-term risks.
ENRC-SFO Case Timeline
2009–2012: The alleged bribery involved mining contracts in the Democratic Republic of Congo. ENRC denied the allegations.
2011–2013: The SFO’s dealings with Gerrard later became a focus of High Court proceedings.
2013: The SFO opened its investigation into ENRC.
2017: ENRC brought civil proceedings against its former lawyers.
2019: ENRC brought a civil claim against the SFO.
2023: The SFO closed its investigation without charges. The agency cited insufficient admissible evidence.
2024: ENRC settled a separate lawsuit involving alleged leaks.
2026: A damages trial took place before the parties reached a settlement.
September 2, 2026: ENRC, the SFO, Dechert and Gerrard settled the civil proceedings.
Frequently Asked Questions
What is the ENRC and Dechert lawsuit about?
The lawsuit grew from ENRC’s claims over the SFO investigation.
The probe involved suspected bribery and corruption.
The case also examined the SFO’s dealings with former Dechert lawyer Neil Gerrard.
Did the SFO charge ENRC?
No.
The SFO closed its investigation in 2023 without criminal charges.
The agency said there was not enough admissible evidence to prosecute.
Who settled the ENRC lawsuit?
ENRC, the Director of the SFO, Dechert and David Neil Gerrard settled the proceedings.
However, the settlement terms remain confidential.
How much money did ENRC seek?
ENRC sought about $76 million in investigation-related costs.
It also sought about $90 million in higher borrowing costs.
In addition, the company sought interest.
Did ENRC receive damages?
There was no public damages award.
Instead, the parties settled before the High Court ruled on damages.
The settlement terms remain confidential.
What did the High Court find about the SFO?
The court found that the SFO breached its duties.
The finding involved the agency’s dealings with Gerrard between 2011 and 2013.
The court also found that the SFO would not have opened its ENRC investigation without that conduct.
Why does the case matter to lawyers?
The case raises issues involving client confidentiality and professional duties.
It also highlights risks linked to regulatory investigations.
Finally, it shows how legal disputes can continue for years after an investigation ends.
Looking for your next legal opportunity? Explore thousands of attorney and legal jobs on
LawCrossing and find positions that match your skills, experience, and career goals.
See Also:
A and O Shearman Taps Texas Patent ExpertThe post
ENRC and Dechert Reach Deal in Fraud Probe Lawsuit first appeared on
JDJournal Blog.
