21 August 2017
Find out more

GlobeOp settles with Archeus

19 July 2007  |  8649 views  |  0 London  Bridge

UK hedge fund administration firm GlobeOp Financial Services has "agreed in principle" to settle a damages claim filed by former client Archeus Capital Management in New York earlier this month. Financial terms of the settlement were not disclosed.

GlobeOp was forced to postpone its flotation earlier this month after being hit with the $415 million damages claim.

Archeus claimed that GlobeOp was responsible for its collapse last year and accused the administrator of"colossal failures" in reconciling billions of dollars in trades in the Animi funds that Archeus manages.

GlobeOp had denied the claims and filed a countersuit.

In today's statement GlobeOp says the undisclosed settlement "avoids the expense and management resources that would have been required by protracted litigation".

Vernon Barback, president and COO of GlobeOp, says: "The claim related to matters which took place several years ago. We are pleased that an amicable agreement has been reached and that we can now put this matter behind us."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

GlobeOp suspends shares after receiving $465 million lawsuit

GlobeOp suspends shares after receiving $465 million lawsuit

04 July 2007  |  7293 views  |  0 comments | 1 tweets
GlobeOp to raise £51.9m in London IPO

GlobeOp to raise £51.9m in London IPO

15 June 2007  |  6713 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.vasco.comvisit www.worldpaymentsreport.com

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11602 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
9899 views comments | 22 tweets | 31 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9691 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9398 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9359 views comments | 10 tweets | 8 linkedin

Featured job

Find your next job