Quantum Blockchain Technologies PLC (AIM:QBT) told investors it has won in the Venice Court of Appeal in a suit related to its subsidiary Clear Leisure.
The lawsuit was against the former directors and statutory auditors of Sipiem.
The court rejected all of the defendants' appeals except for a minor claim, which reduced the total damage award by €105,412 to approximately €6.1 million.
The court confirmed the liability of the former directors, statutory auditors, and members of the internal audit committee, QBT noted.
It allows the company to enforce the collection of just over €6 million, plus interest and adjustments for inflation, and, €134,166 for legal expenses.
Also, a previously announced settlement agreement of €700,000 was deemed void following the appeal ruling.
"We are extremely pleased with the Venice Court of Appeal result, which confirms the previous ruling while extending the scope of its enforceability,” executive chair Francesco Gardin said in a statement.
“QBT subsidiary CL17 will now focus on the collection of the €6.083m plus interest and adjustments for inflation. CL17 has also been awarded €134,166 for legal expenses.
“The company will ensure that CL17 proceeds with maximum effort to seek and collect the funds from the defendants."
In London, QBT shares started Tuesday’s trading 8.5% higher at 0.87p each