Payment Processor Settles €5.3M Suit With E-Money Provider

Law360, London (April 26, 2021, 2:39 PM BST) -- A British payments company has settled a €5.3 million ($6.4 million) lawsuit with an electronic money provider that claimed it failed to reimburse money held in reserve after the pair's business relationship ended.

TechToPay Ltd., which is based in London, reached a confidential settlement with Luxembourg-based EMPcorp AS, a company that distributes digital alternatives to cash, according to an April 15 court order that has just been made public.

EMPcorp told the High Court in a December claim that TechToPay had wrongfully held on to €5.3 million that should have been distributed to EMPcorp when the pair's business relationship ended....

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