Press Release
globalCOAL and London Commodity Brokers Settle Legal Dispute
LONDON, 7 April 2008
globalCOAL®, the leading electronic marketplace for thermal coal, is delighted to announce that it has resolved its dispute with London Commodity Brokers over the electronic brokering of globalCOAL's proprietary products (including SCoTA®) and non-payment of fees due for voice brokering of those products.
globalCOAL® can confirm that London Commodity Brokers has undertaken to abide by the terms of their PLA and, more particularly, given specific undertakings not to launch their proposed White Screen trading system using globalCOAL® products. London Commodity Brokers has also agreed to pay commission fees for their use of the PLA.
As part of the settlement, London Commodity Brokers will pay legal costs incurred by globalCOAL in the dispute. Further settlement terms are confidential.
"We are pleased to see the favourable resolution of another legal battle, although disappointed that we had to resort to the High Court yet again." said Eoghan Cunningham, Chief Executive Officer of globalCOAL. "We are however determined to continue to vigorously defend our intellectual property against abuses of our licensing regime."
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