ABC Learning settles Citigroup legal battle

ABC Learning Centres has made quick steps to ward off legal action launched by Citigroup, by settling its debt owed to the lender.

Last week, Citigroup had taken legal action in the Queensland Supreme to recover an outstanding $8.6 million owed by founder Eddy Groves and his wife Le Neve Groves over their margin loans.

Groves and his wife Le Neve Groves were forced to sell off more than $39 million worth last month as result of margin calls.

Australian Property Journal