The Helsinki District Court has rejected the claims of twenty banks and brokerage firms against OMX. The decision precludes twenty out of a total of twenty-two banks and brokerage firms from pursuing their claims against the Stockholm-based company.
OMX Exchanges Ltd and Helsinki Stock Exchange Ltd, subsidiaries of OMX AB, and Finnish Central Securities Depository Ltd (APK), a former subsidiary of OMX AB, have since June 2004 been defendants in a lawsuit in the Helsinki District Court.
Twenty two banks and brokerage firms made claims against them worth approximately Euros 5.1 million plus interest to reclaim value added tax that they paid to Helsinki Exchanges and APK for trading and clearing services during years 1995-2000.
On Friday, the Helsinki District Court concluded that twenty of the twenty-two banks and brokerage firms would be precluded from pursuing their claims thanks to an arbitration agreement reached on 8 and 11 March 2002 between those twenty banks and brokerage firms on the one side and OMX’s subsidiaries and APK on the other side.
In the arbitration agreement the parties waived their right to present further claims on the VAT issue outside the arbitration proceedings. Consequently, the court rejected the claims of the twenty banks and brokerage firms. The award is not legally final as it can be appealed.
The lawsuit in Helsinki District Court continues between two banks and brokerage firms and OMX’ subsidiaries and APK. The amount claimed by these two claimants is approximately Euros 493,000 plus interest.