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(Alliance News) - Quantum Blockchain Technologies PLC on Tuesday said a UK legal claim against the company has been resolved, with EUR77,000 in legal costs paid to the firm.
Back in May 2018, the London-based cryptocurrency researcher and investor announced that it had been served with a claim in the English courts for around EUR1.7 million by the former shareholders and directors of Sosushi.
In March 2019, Quantum filed a defence and counterclaim against Sosushi.
On Tuesday, the company said that the defence of the claim has been successful. Further, following an English court order enforced in Italy, the claimants have paid Quantum around EUR77,000 towards legal costs sustained in defence of the claim.
Further legal costs and damages may still be awarded following a final hearing assessing loss of profit, it added.
Likewise, Sosushi also filed a EUR1.0 million claim for damages in the Italian courts, back in March 2019. The company expects a ruling by the end of 2022.
Finally, Quantum's wholly owned subsidiary Clear Leisure 2017 Ltd issued a claim against Sipiem Soa's previous board and internal audit committee. This was originally valued at EUR10.8 million and has since been assessed by the independent court appointed third-party expert to be valued up to EUR7.8 million.
Quantum confirmed that both companies have filed final written arguments and replies, and it now expects the court to resolve the claim by the end of 2022.
Executive Chair & Chief Executive Officer Francesco Gardin said: “Having been so advised by its legal counsel, based on the merits of each case, the company remains confident on the successful conclusion of the company’s ongoing claims.”
Quantum shares were 5.6% lower at 1.70 pence each in London early on Wednesday.
By Sophie Rose; sophierose@alliancenews.com
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