10th Aug 2015 15:46
LONDON (Alliance News) - Trinity Mirror PLC on Monday said its MGN Ltd subsidiary has been given permission to appeal a ruling over the amount of money is must pay to victims of phone hacking.
"Expedition has been granted, and the appeal will be heard as soon as reasonably possible," Trinity Mirror said in a statement.
MGN said it has already accepted it should pay appropriate compensation to the individuals who were targets of phone hacking, but said it believes that the basis used for calculating the damages is incorrect and that the amounts awarded by the judge are excessive and disproportionate.
In May, the company was ordered to pay GBP1.2 million to eight phone-hacking victims, and as a result, Trinity Mirror increased its provision to cover phone hacking compensation to GBP28 million from its previous provision of GBP12 million.
Trinity Mirror shares closed up 1.0% to 154.50 pence per share on Monday.
By Samuel Agini; [email protected]; @samuelagini
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