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Royal Bank of Canada sues Crew Gold over US$7.1M fee

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Royal Bank of Canada sues Crew Gold over US$7.1M fee

The Royal Bank of Canada, or RBC, is suing unit over a US$7.1 millionfee for selling all or a substantial portion of Crew Gold to a third party in2010, reported April 29.

Crew Gold claims that the bank was not involved in the finalsale, and will contest the suit in the Ontario Superior Court of Justice oncethe trial begins in late May.

The engagement letter with the RBC was only signed inDecember 2009, when the equity swap was nearly complete and potential buyershad already approached Crew Gold's majority holders, the report cited courtdocuments.

Crew Gold has paid the bank only US$150,000 for work feescorresponding to the August 2009 to January 2010 period.