By HELEN TUNNAH
A deal protecting the America's Cup Arbitration Panel from lawsuits is expected to be agreed to this week after breakthrough talks between several syndicates.
A settlement securing a deed of indemnity and insurance against legal action for the five international panel members should be signed by all 10
America's Cup syndicates in the next few days.
Details of the deal are not known, and are not expected to be released.
The Herald reported on Friday that negotiations to settle insurance issues and costs had reached a stalemate, worrying organisers of the challengers' series, the Louis Vuitton Cup, which is due to start in eight weeks.
The Arbitration Panel was refusing to release any rulings on disputes between syndicates until members had a guarantee they would not be sued. Concern was growing that unless the legal issues were resolved, some of the panel might quit.
With syndicates spending up to US$100 million on their campaigns, the panel had become concerned about crippling legal action stemming from their decisions.
However, the Herald understands talks have been held between some syndicates and counsel for the panel since Friday, and a settlement is likely within days.
Team New Zealand rules adviser Russell Green said substantial progress had been made on the deed and insurance.
He was confident the matter would be resolved this week.
The five members have legal or judicial backgrounds, and include two New Zealanders, retired High Court judge Sir David Tompkins and High Court Master John Faire.
Outstanding disputes include claims that OneWorld Challenge (United States) has used Team New Zealand design secrets, and a suggestion that Prada (Italy) is not eligible to race because it launched a civil lawsuit against Oracle Racing (US) over a spying dispute.
nzherald.co.nz/americascup
