Update: owner of ‘My Song’ seeks compensation for loss of yacht
Peters & May address this latest development following the loss of the yacht from a cargo ship last year…
Last week, SuperyachtNews reported that Mr Loro Piana, the owner of 40m sailing yacht My Song is trying to sue Peters & May for the loss of the yacht after it fell from a cargo ship in May last year. Since then, SuperyachtNews has spoken exclusively to Peters & May about this latest development.
“It is a matter of public record that Mr Loro Piana is attempting to sue Peters & May in Milan for damages,” explains Michael Wood, legal counsel and claims manager at Peters & May. “It is also a matter of public record that Peters & May recently sought declaratory relief in the English High Court to have any litigation against Peters & May relating to the loss of the My Song brought only in England (pursuant to the terms of our contract with Mr Loro Piana).”
As mentioned in the previous SuperyachtNews coverage, Peters & May was successful in its claim for declaratory relief. According to Wood, however, Mr Loro Piana has not yet withdrawn his claim for damages in Italy or sought to make a claim for damages in England.
With regards to the investigation into the incident, the last statement Peters & May issued claimed that, “Whilst the investigations into the cause of the loss are still ongoing, it has recently transpired during the investigations that the cradle provided by the yacht owners had undergone an undisclosed and apparently uncertified modification prior to shipment. This modification appears to have resulted in the failure of the yacht’s cradle.”
Peters & May is unable to provide any further details of the findings of the investigations that are subject to current and ongoing litigation. “However, I can confirm that Peters & May is confident that its initial findings will be proved correct and will successfully defend any claim made by Mr Loro Piana for damages,” Wood concludes.
Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.