Press Release
globalCOAL Succeeds in Latest High Court Hearing on Ongoing Dispute with LCB
LONDON AND SINGAPORE – 11 June 2010
globalCOAL® confirmed today that the Honourable Mr Justice Briggs has handed down his judgment in the High Court in London in favour of globalCOAL in its second dispute in 3 years with London Commodity Brokers (LCB).
The High Court accepted globalCOAL's case on the true meaning and effect of the Product Licensing Agreement (PLA) and rejected LCB's case that the PLA was limited just to protecting intellectual property rights. globalCOAL will be seeking costs.
“We were surprised to have to go to court yet again considering the existing court order restraining LCB,” said Eoghan Cunningham, Chief Executive of globalCOAL. “We are however determined to continue to vigorously defend our scheme against abuses, as we have ably demonstrated in the past. This judgment makes clear that our licensing regime is robust. Looking forward, we are continuing to invest in the development of new products and contracts to bring added liquidity and transparency to the market, which will benefit all participants.”
globalCOAL is the provider of the coal market’s leading online trading platform, and the originator of SCoTA®, the coal market’s most widely-used contract for the sale and purchase of standardised thermal coal.
Download Press Release (PDF)