Quantum Blockchain Technologies legal action settled, company awarded €77,000 in legal fees

[Quantum Blockchain Technologies legal proceedings have been resolved, the company received 77,000 euros in legal fees] On August 3, the cryptocurrency technology company Quantum Blockchain Technologies PLC said on Tuesday that the legal proceedings against the company in the UK have been resolved and the company has obtained Legal fees of 77,000 euros.

Back in May 2018, the London-based cryptocurrency company announced that Sosushi’s former shareholders and directors had filed a claim against it in a UK court for around €1.7 million. In March 2019, Quantum filed a defense and counterclaim against Sosushi.

On Tuesday, Quantum said it had successfully defended against the claim. In addition, the claimants have paid Quantum legal costs of approximately €77,000 pursuant to a British court order enforced in Italy. Further legal costs and damages may still be awarded after a final hearing to assess lost profits, the company added.

Similarly, Sosushi also filed a €1 million damages claim in an Italian court in March 2019. The company expects this to be ruled by the end of 2022.

In addition, Quantum's wholly-owned subsidiary Clear Leisure 2017 Ltd has brought claims against Sipiem Soa's former board and internal audit committee. Initially valued at 10.8 million euros, it was later assessed by a third-party expert appointed by an independent court to 7.8 million euros.

Quantum confirmed that both companies have filed final written arguments and responses, and the court is now expected to resolve the claims by the end of 2022. (LSE)

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