GlobalCoal wins injunction against Icap
The Court of Appeal in London today awarded GlobalCoal an interim injunction against Icap Energy in a dispute over an alleged breach of GlobalCoal’s product licence agreement (PLA), pending trial. GlobalCoal may now seek damages.
As previously reported in Energy Risk, the electronic coal-trading marketplace sued Icap last December after the brokerage giant started to use an Australian coal derivatives index for trading swaps on its own screens. GlobalCoal claimed that this index was in fact its own, trademarked Newcastle index (NEWC), and that Icap was therefore breaching its PLA, which prevents globalCoal's Newcastle index from being used on other screens.
Icap must now remove all references to globalCOAL's products
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