Embattled cord blood bank Cordlife receives letter of demand from client for breach of contract

The Straits Times05-02

SINGAPORE – Embattled private cord blood bank Cordlife has received its first letter of demand from lawyers acting on behalf of one of its clients for breach of a service agreement and breach of duty ...

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class=\"meta\">\n\n\n2024-05-02 09:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.straitstimes.com/singapore/embattled-cord-blood-bank-cordlife-receives-letter-of-demand-from-client-for-breach-of-contract><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE – Embattled private cord blood bank Cordlife has received its first letter of demand from lawyers acting on behalf of one of its clients for breach of a service agreement and breach of duty ...</p>\n\n<a href=\"https://www.straitstimes.com/singapore/embattled-cord-blood-bank-cordlife-receives-letter-of-demand-from-client-for-breach-of-contract\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"P8A.SI","symbol_name":"康盛人生","start_time":0,"source_url":"https://www.straitstimes.com/singapore/embattled-cord-blood-bank-cordlife-receives-letter-of-demand-from-client-for-breach-of-contract","article_id":"2432695444","we_media_id":null,"thumbnails":[],"rights":{"source":"straits_highlight","url":"https://www.straitstimes.com/singapore/embattled-cord-blood-bank-cordlife-receives-letter-of-demand-from-client-for-breach-of-contract","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2432695444","pubTimestamp":1714612800,"sourceInfo":{"source_id":"straits_highlight","name":"Straits Times"},"weMediaInfo":null,"summary":"SINGAPORE – Embattled private cord blood bank Cordlife has received its first letter of demand from lawyers acting on behalf of one of its clients for breach of a service agreement and breach of duty of care in negligence, the company said in an SGX filing on May 2.A letter of demand is an expression of the claimant’s intention to commence court proceedings should the claims or demands continue to go unanswered.Cordlife said the sum its client is claiming for is between $60,000 and $250,000.Cordlife is a cord blood banking and processing facility in Singapore and South-east Asia.Cord blood bankingis the process of storing a child’s umbilical cord blood, which is a rich source of stem cells, should the need for a stem cell transplant ever arise.As it stands, damage to 7,500 cord blood units from Tank A, another tank and a dry shipper has been confirmed.Cordlife directors file court application against company to cancel private placement","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"P8A.SI":"康盛人生","BK6511":"医疗保健服务概念","BK6100":"保健护理服务"},"translate_title":"四面楚歌的脐带血库Cordlife收到客户违约催款信","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"P8A.SI":1},"content_text":"SINGAPORE – Embattled private cord blood bank Cordlife has received its first letter of demand from lawyers acting on behalf of one of its clients for breach of a service agreement and breach of duty of care in negligence, the company said in an SGX filing on May 2.\nA letter of demand is an expression of the claimant’s intention to commence court proceedings should the claims or demands continue to go unanswered.\nCordlife said the sum its client is claiming for is between $60,000 and $250,000. \n\n\n\nCordlife is a cord blood banking and processing facility in Singapore and South-east Asia. \nCord blood banking is the process of storing a child’s umbilical cord blood, which is a rich source of stem cells, should the need for a stem cell transplant ever arise. \nProcesses at the company have been in the spotlight after it was revealed on Nov 30, that cryopreserved cord blood units in seven of its 22 storage tanks were exposed to sub-optimal storage temperatures.\n\n\n\n\nAs it stands, damage to 7,500 cord blood units from Tank A, another tank and a dry shipper has been confirmed.\n\nThe company sought legal advice on the letter of demand and does not agree with the claimant’s contention that Cordlife is precluded from relying on various clauses of the client’s contract.\nSo far, Cordlife said it has not been provided supporting details by the client’s lawyer to prove the basis of the amount claimed, and that it intends to defend the claim.\nSeparately, Cordlife said it also received notice of a claim lodged against the company in February 2024 in the Small Claims Tribunals (SCT) from another client, alleging the damage of the child of the client’s cord blood unit resulting from improper storage. \nThe Small Claims Tribunal has the jurisdiction to deal with claims not exceeding S$20,000.\n\nProceedings in the Small Claims Tribunals are ongoing.\n\nCordlife said it is unable to determine the exact financial impact of the claim in the letter of demand. Its legal advisors have advised that there are grounds to challenge the claim and allegations made. \nHowever, should the company be ultimately required to settle the claim in the letter of demand, the SCT claim and/or claims made by multiple clients, this will likely result in a negative impact on the financial position of the group for the financial year ending 31 December 2024.\nThe Straits Times understands that two groups of parents have sought legal advice to pursue action against Cordlife.\n\n\n\n\n\n\nMore On This Topic\n\n \n\nCordlife’s independent auditor to retire after issuing disclaimer of opinion\n\n\n\n \n\nCordlife directors file court application against company to cancel private placement","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432695444"}