Echelon Financial Holdings (EFH) announced on Aug. 6 that the New Nordic Arbitration has been dismissed.
Arbitration proceedings began on Sept. 18, 2018 in Denmark against EFH alleging misrepresentations by the company at the time EFH sold Qudos Insurance to New Nordic Advisors Limited (NNAL).
In a news release, Echelon said that “although the Share Sale Agreement specifically provided that it was not assignable, NNAL purported to assign it to a third party, who commenced the arbitration. The arbitration panel in Denmark has now dismissed entirely the arbitration proceedings, with costs awarded to EFH, on the basis that the third party had no standing to bring them.”
A statement of claim naming New Nordic Odin Denmark as plaintiff was filed on August 2, 2019 in the Danish Institute of arbitration, said Echelon, adding, “The company continues to deny all allegations made against it by NNGL and states that there is no merit to NNGL's claim for €45.8 million in damages.”
