Business
Settlement of legal claim in Norway
Settlement of legal claim in Norway.
About this update from Hansard Global Plc
[{"type":"text","content":"\n \nRNS Number : 5371H Hansard Global plc 21 June 2013 \n \n\nHansard Global plc\nSettlement of legal claim in Norway\n \nHansard Global plc (\"Hansard\" or \"The Group\"), the specialist long-term savings provider, today confirmed that, through a court mediation process, Hansard Europe Limited has agreed a settlement of €1.5 million in relation to an underlying claim of approximately €5.5m in Norway. This settlement, without any admission of liability, encompassed 47 of the 48 policyholders that have initiated litigation totalling €7.2m in Norway.\nThe Board considered it in the best interests of the Group and its shareholders to reach a resolution with regard to these claims in order to avoid the expense and distraction of extended litigation. The costs of defence to date, both internally and externally, are approximately €1m. \nBased on legal advice, Hansard has robustly and consistently defended itself from all claims and will continue to do so. \nGordon Marr, Group Chief Executive of Hansard Global, commented:\n\"We are pleased to have drawn a line under these proceedings. This agreement reduces risk, avoids future legal costs and enables management to focus fully on our strategy of driving growth in regular premium products in fast growing markets.\"\n \nFor further information:\nHansard Global plc +44 (0)1624 688000 \nGordon Marr, Group Chief Executive Officer\nVince Watkins, Chief Financial Officer\n \nBell Pottinger LLP +44 (0)20 7861 3232\nDaniel de Belder\n \n\n\n \nNotes to editors:\n· &nbs...