The UK's Serious Fraud Office has settled a $168mn lawsuit brought by Eurasian Natural Resources Corporation, ending a decade-long dispute stemming from a criminal probe that was abandoned in 2023. The agreement also covers ENRC's former lawyers, law firm Dechert and former partner Neil Gerrard, drawing a line under a protracted legal battle over events leading to the SFO's 2013 investigation into alleged fraud, bribery and corruption at ENRC.

The SFO would not disclose the settlement amount, though its most recent annual report set aside £15.4mn for the civil action. ENRC had sued claiming fair compensation for losses incurred as a result of the investigation, which the SFO abandoned citing insufficient admissible evidence to prosecute. The High Court previously found the SFO, Dechert and Gerrard liable for wrongdoing surrounding the launch of the case, with a judge ruling in 2023 that the probe would not have opened without such misconduct.

The dispute dates back 15 years when ENRC instructed Neil Gerrard to investigate misconduct at a subsidiary. Following alleged damaging press leaks and unauthorised meetings with SFO officials, ENRC dismissed Gerrard and Dechert in 2017. Mr Justice David Waksman found Gerrard had been negligent and reckless, instigating leaks to expand his firm's work.

Matthew Wagstaff, director of legal services at the SFO, stated the organisation has been fundamentally reformed with stronger governance and safeguards. The terms of the settlement remain confidential.