SINGAPORE – Private cord blood bank Cordlife is facing claims of at least $5.45 million from parents who had stored cord blood with the bank but were later informed that the blood had been damaged or was at high risk of damage.

In a late-night bourse filing on Dec 2, Cordlife Group said that it was notified on Dec 1 of the filing of a civil claim to the High Court.

The claim was by an individual representing a group of claimants who had stored 109 cord blood units (CBUs) with Cordlife.

The blood bank noted that this was the same group of claimants who

issued a letter of demand to Cordlife

According to the latest bourse filing, the claimants asked Cordlife to declare that it is liable for the loss and damage arising from its negligence and/or breach of contract in failing to properly store and preserve the CBUs, resulting in irreparable damage.

They also sought damages at a market value of $50,000 for each damaged unit, or any other amount determined by the court, as well as reimbursement of expenses rendered futile, or for the court to order an assessment of damages.

Cordlife said in its filing that the aggregate quantum of the claims is at least $5.45 million, and that it is currently seeking advice on the next steps to take.

Nonetheless, it pointed out that the claims relate only to Cordlife’s operations in Singapore, and that the group remains fully operational in other markets.

Cordlife’s board is currently assessing the impact on its financial performance for the current financial year, which ends on Dec 31.

It said that should Cordlife be ordered to pay the claims, this will result in a negative impact on its financial position.