London Capital Group Holdings has today announced in a corporate statement that it has settled legal proceedings in relation to a lawsuit which was served against its subsidiary, London Capital Group Limited (LCG).
According to the statement of legal proceedings issued today by LCG, this particular claim was brought in relation to the termination of a fee sharing agreement with Life Settlement Consulting Limited (“Integrity”), the company that introduced clients to the managed FX fund that subsequently led to the Financial Ombudsman complaints.
As a result of the settlement, all claims and allegations brought by Integrity against LCG concerning the operation and termination of the managed FX fund (operational March 2009 to December 2009) have been withdrawn.
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LCG has agreed to pay Integrity the sum of £350,000 representing a contribution to legal expenses, which will be treated as an exceptional expense.
Kevin Ashby, CEO, London Capital Group plc, today publicly stated that, “LCG has always maintained that the claim was without merit and I am therefore pleased that Integrity has withdrawn all claims. We have agreed to make a contribution towards Integrity’s costs as part of the settlement which avoids further legal costs should the case have continued to a final judgement.”