Press Release
globalCOAL and LCB resolve dispute
LONDON AND SINGAPORE – 29 November 2010
globalCOAL and London Commodity Brokers (LCB) are pleased to announce that all disputes between them have been amicably resolved.
The High Court's June 2010 judgment on the true meaning of “use” within the Product Licensing Agreement (PLA) stands, and LCB has withdrawn its appeal of that judgment and its competition claims. globalCOAL has withdrawn its claims regarding alleged breaches of the PLA by LCB.
Eoghan Cunningham, CEO of globalCOAL, and Clive Murray, Managing Director of LCB, stated: “We are pleased to put this dispute behind us and concentrate on the development of the market."
globalCOAL will be working closely with LCB and other brokers to foster liquidity and transparency in the international steam coal market, which will benefit all participants.
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