Wade Defendants Dispute Complaint and Statement by Scilex Holding Company

NASSAU, Bahamas, May 5, 2026 /PRNewswire/ - On March 11, 2026, Scilex Holding Company ("Scilex") filed a lawsuit in the United States District Court for the Central District of California against Marc Wade, The St. James Bank & Trust Company Ltd. ("St. James"), Omega & Corinth Group Ltd. (collectively, the "Wade Defendants") and others₁ in connection with a loan agreement (the "Loan Agreement") between St. James and Scilex.

The Wade Defendants dispute the veracity of key factual allegations in the Scilex complaint and deny any wrongdoing.

On March 13, 2026, Scilex issued a press release that trumpets the lawsuit and contains additional misleading statements, the core of which Marc Wade, Omega & Corinth Group LTD (O+C Private Credit) and St. James view as false and inflammatory. The Wade Defendants are issuing this statement to help set the record straight in light of Scilex's misrepresentations and efforts to litigate the matter in the court of public opinion.

The Wade Defendants deny all of Scilex's claims. Marc Wade, Omega & Corinth Group LTD (O+C Private Credit) and St. James emphasize that Scilex's claims arise from or relate to the Loan Agreement, which was negotiated between sophisticated parties who were at all relevant times represented by counsel.

The Wade Defendants challenge the propriety of the venue and forum of Scilex's lawsuit based on the terms of the Loan Agreement, which contains a binding arbitration provision requiring all disputes be "referred to and resolved by arbitration in Nassau, Bahamas in accordance with the JAMS International Arbitration Rules." The Wade Defendants intend to promptly move to compel arbitration and stay the U.S. lawsuit in favor of that agreed forum.

Chelsea Hilliard, an attorney for the international law firm of Dorsey & Whitney, which is representing the Wade Defendants, said, "The dispute is governed by a clear agreement to arbitrate. Our clients intend to enforce that agreement and address these claims in the forum the parties selected. The Wade Defendants deny the claims leveled by Scilex Holding Company and intend to vigorously defend their position in the proper forum."

₁ The lawsuit also names The Bank of New York Mellon Corporation, which has separate counsel and is not included as part of the group issuing this statement.

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SOURCE O+C Private Credit