Sunday, July 22, 2012 : MEDIA CORP SETTLES CD CASINO.COM LIMITED LITIGATION (Update)
15 million ordinary shares handed over to make legal action on Gambling.com go away
Media Corp plc management have yet to pay Purple Lounge poker players left stranded by the liquidation of that company , but they have managed to remove litigation launched against the company by CD Casino.com Limited, which has been looming over the troubled firm.
In an announcement Thursday Media Corp advised that in return for 15 million of its ordinary shares, CD Casino has settled.
The litigation concerned an alleged breach of contract in an agreement involving Gambling.com, a Media Corp subsidiary that has since been sold off.
The Media Corp announcement notes that: "The Board of Media Corporation has reached a settlement agreement, with CD Casino, in respect of the pending legal claim brought against Media Corp and its subsidiary Search Focus Limited in February 2012. In settlement the Group will issue CD Casino Limited with 15 million ordinary shares.
"Following this announcement the Group has no further outstanding litigation."