13th Mar 2020 12:16
(Alliance News) - OnTheMarket PLC on Friday said an out of court settlement has been agreed between its subsidiary Agents' Mutual Ltd and Gascoigne Halman Ltd.
The companies have been engaged in proceedings since 2016 after Agents Mutual said Gascoigne Halman was in breach of a contract.
In 2019, the online property portal said the Court of Appeal issued a judgement in favour Agents' Mutual in its competition case against Manchester estate agent Gascoigne Halman. Gascoigne Halman is a subsidiary of Connells.
Gascoigne Halman's defence against Agents' Mutual's claim of breach of contract alleged the contract was void for illegality on competition law grounds. The defence was rejected by the Court of Appeal.
On Friday, OnTheMarket said the terms of the agreement reached between itself, Agents' Mutual, Gascoigne Halman and Connells are confidential. It added that the settlement ends all litigation proceedings between all parties.
Shares in OnTheMarket were trading 6.5% lower at 60.75 pence each on Friday afternoon in London.
By Ife Taiwo; [email protected]
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