Cashbox settles with Hanco for £1.8m
LONDON – UK cash machine operator Cashbox has settled out of court, after a three-year litigation battle, with a £1.8 million payment to ATM vendor Hanco, bought by Royal Bank of Scotland (RBS) in 2004.
Hanco first brought proceedings against Cashbox and founder Carl Thomas three years ago, when it was reported that Hanco sought £2 million in damages regarding an allegedly stolen contract concerning installation of cash machines with the Thresher retail group.
The decision follows a summary judgement in Hanco's favour from the Master's Chancery Division last November that Cashbox had knowingly received documents containing Hanco terms and conditions. Cashbox was given permission to appeal but the hearing was adjourned on July 31.
The company was founded by brothers Carl and Matt Thomas. Carl previously worked as a sales director at Hanco but was fired last March over his share dealings after a bid approach for the company, which floated on the London Stock Exchange in 2006.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Hong Kong derivatives regime could drive more offshore booking
Industry warns new capital requirements for securities firms are higher than other jurisdictions
Will Iosco’s guidance solve pre-hedging puzzle?
Buy-siders doubt consent requirement will remove long-standing concerns
Responsible AI is about payoffs as much as principles
How one firm cut loan processing times and improved fraud detection without compromising on governance
Could one-off loan losses at US regional banks become systemic?
Investors bet Zions, Western Alliance are isolated problems, but credit risk managers are nervous
SEC poised to approve expansion of CME-FICC cross-margining
Agency’s new division heads moving swiftly on applications related to US Treasury clearing
ECB bank supervisors want top-down stress test that bites
Proposal would simplify capital structure with something similar to US stress capital buffer
Clearing houses warn Esma margin rules will stifle innovation
Changes in model confidence levels could still trip supervisory threshold even after relaxation in final RTS
BlackRock, Citadel Securities, Nasdaq mull tokenised equities’ impact on regulations
An SEC panel recently debated the ramifications of a future with tokenised equities
