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Numis relieved by Rock Well result
INDEPENDENT bank and broker Numis Securities yesterday settled a long-running legal case relating to a private share placing it led in 2007.
Numis said it had paid out £5m without admitting liability in relation to a decision made by its client Rock Well Petroleum not to refer in placing documents to a law suit that had been threatened against it.
The claim, brought against Numis by Fidelity, St Peter Port Capital and a number of other institutions including the hedge fund CQS, was originally for $95m (£59.4m).
Numis and Fidelity said they were pleased to put an end to this distracting litigation and looked forward to a continuing and mutually beneficial commercial relationship. CQS also agreed to the statement.