LONDON (Alliance News) - Trinity Mirror PLC Thursday confirmed its subsidiary MGN Ltd will be seeking permission to appeal the recent ruling over damages it has to pay to eight individuals over phone hacking.
MGN has already accepted it should pay appropriate compensation to the individuals who were targets of phone hacking, but said it believes the basis used for calculating the damages is incorrect, and the amounts awarded by the judge are excessive and disproportionate.
Last month the company was ordered to pay GBP1.2 million to eight phone-hacking victims.
Trinity Mirror said there "remains uncertainty as to how matters will progress", and said further updates will be made if there any significant developments or its estimate of the financial exposure were to change materially.
As a result of the judgement, Trinity Mirror in May increased its provision to handle the ongoing phone hacking trials by GBP16 million.
Shares in Trinity Mirror are trading down 2.8% at 149.26 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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