Quantum Blockchain Technologies PLC (AIM:QBT)’s subsidiary Clear Leisure 2017 Limited (CL17) has reached a preliminary settlement in the ongoing Sipiem litigation.
The settlement, which includes an agreement with some defendants of the Sipiem case, sees CL17 acquiring a significant portion of the claims collection rights.
The Venice Court ruled in favour of CL17 in October 2022, ordering the defendants to pay €6.275 million plus adjustments for interest and inflation.
Despite subsequent appeals and a partial freeze on collection actions, negotiations have led to a settlement involving a cash payment of €700,000 to CL17, to be paid in two stages.
Furthermore, the acquisition agreement with Sipiem's receiver grants CL17 the right to retain 30% of any sums collected from the claims, net of legal costs for a fixed amount of €170,000.
The remaining value of the judgement which CL17 continues in its efforts to collect is approximately €5.575 million.
Francesco Gardin, executive chairman of Quantum Blockchain, said: "We are very happy with the outcome of this double negotiation with the defendants and the receiver, which allows us to cash in the first tangible result of the Sipiem litigation and now gives us the rights to all funds recovered, namely the €700,000 of this agreement and the balance amounting to €5.575 million plus interest and augmentation for inflation.”