Quantum Blockchain Technologies PLC (AIM:QBT) has confirmed the completion of a €700,000 payment from the Sipiem litigation settlement.
Quantum and its subsidiary Clear Leisure 17 Limited (CL17) have also paid €170,000 to Sipiem’s receiver to acquire the receiver’s right to 30% of any future sums collected from the claim, net of legal fees.
Additionally, the receiver has released €30,000 that was held in an escrow account, part of the initial claim purchase agreement first announced on 10 September, 2019.
The €700,000 settlement remains subject to formal approval by the Venice Court of Appeal, to which the interested parties have filed a joint application.
Francesco Gardin, executive chairman of Quantum Blockchain, said: “We are very satisfied to have concluded this double negotiation with certain defendants and the receiver.
“It is a tangible result which provides us with further strength to pursue the remaining judgment amount (€5.575 million plus interest and adjustment for inflation) from the remaining Sipiem defendants, without having to split any future recovered sum with any other party.”