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IDE Group updates market on Coreix damages claim
IDE Group Holdings updated the market on its claim for substantial damages from Coreix on Wednesday, in relation to the trademark infringement case where liability was decided in 2017.
The AIM-traded firm said Coreix submitted a request for a case management conference at the Intellectual Property Enterprise Court on 6 February.
However, that request was adjourned for at least three months by the IPEC judge, in order that the company could be permitted sufficient time to mount a substantial defence.
"This was on the basis that Coreix had increased the damages claim to £0.5m in January 2018, the maximum under the IPEC rules, the claim having always previously stated by Coreix's solicitors to be for less than £10,000," the board said in its statement.
"The board continue to reject the notion that the liability exceeds the amount originally stated and will argue that Coreix's claim should not exceed £10,000 and, even if that is not accepted by the court, the company's advice remains that its potential liability in respect of Coreix's claim should be materially below £500,000."
IDE said it would provide further updates "as and when appropriate".