Resolution of claim by Global 365 Limited – Competition Appeal Tribunal Judgment

Summary by AI ^BETAClose X

PayPoint plc has been found liable by the Competition Appeal Tribunal for an historical infringement of competition law related to energy prepayment services, which ceased in 2018. The tribunal awarded damages of £169,334 plus interest to Global-365 Limited, significantly less than their initial claim of £172.2 million, indicating PayPoint successfully defended over 99.85 per cent of the claimed value. The judgment confirmed that PayPoint's past contracts were not a substantial reason for Global-365's lack of success.

Disclaimer*

Resolution of claim by Global 365 Limited – Competition Appeal Tribunal Judgment

PayPoint plc notes that the Competition Appeal Tribunal (‘CAT’) has today handed down its judgment concerning the claim brought by Global-365 plc and Global Prepaid Solutions Limited (‘G365’) against PayPoint Plc and a number of its subsidiary companies, PayPoint Collections Limited, PayPoint Network Limited and PayPoint Retail Solutions Limited (“PayPoint”).

The CAT has:

Found PayPoint liable for an historical infringement of competition law, which ceased in 2018, concerning certain contracts under which it provided energy OTC prepayment services;
Awarded damages of £169,334 plus interest to G365 in respect of its “loss of a chance” to win contracts with a limited number of small energy suppliers.

Importantly, the CAT’s findings confirm that PayPoint’s past contracts with energy suppliers were not a significant factor in G365’s lack of success. G365’s initial claim was for £172.2 million – meaning that PayPoint defeated more than 99.85 per cent of G365’s claim value.

PayPoint remains committed to ensuring its commercial practices meet all regulatory requirements.

ENDS

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