Therium finances Cassandra's insurance dispute
Cassandra Oil Technology AB is receiving financial support to cover legal expenses in the insurance claim dispute with Länsförsäkringar
After nearly 20 months of prolonged deliberation regarding Cassandra's right to insurance compensation from Länsförsäkringar (LF), Cassandra has entered into an agreement with Therium Nordic (www.therium.no), which is the Nordic branch of Therium Group. They are an international company with a focus on investments in legal disputes they regard having great potential for successful outcomes.
Cassandra's claim on LF is increasing daily through interest rates and the claim currently exceeds SEK 90m. The damages are considerable, not only through damage to the production facilities, but the lack of insurance compensation has resulted in enforced new share issues, plus expensive financing, as well as lost business opportunities.
Therium's support will enable Cassandra to continue the process towards full compensation through the district court, as well as through higher courts if required. The trial in Västmanland's district court starts on 15th of January and will be run with the help of lawyers Sverker Bonde and Christopher Stridh from the Delphi law firm.
If Cassandra wins the court case, a profit / risk compensation is paid out to Therium. If Cassandra does not win the court case, Therium also pays the counterparty's legal costs and there is no obligation on Cassandra for reimbursement.
För ytterligare information, vänligen kontakta
Anders Olsson, Verkställande direktör
Tel: 076-16 32 100