UK electronic payments service company earthport is pursuing one-time dot com star Baltimore Technologies for £4.5 million plus additional damages in relation to a deal signed between the two companies in 2001.
Earthport announced in April 2001 it was adding certification authority capabilities to its online payment system as part of a multi-million pound deal with Baltimore Technologies.
Under the agreement, Baltimore was set to receive between three and five million ordinary shares in AIM-listed earthport, which at the time were trading at around 35 pence.
Baltimore says Earthport has not started legal proceedings in respect of these claims.
In a statement, the company says: "The Board of Baltimore will urgently look into this matter but knows of no foundation for these alleged claims".
Baltimore Technologies is now a cash shell after abandoning plans to become a renewable energy company.