TRINITY and CVC limited have settled reached an out of court settlement with Trinity paying out $5.8 million.
CVC, a Queensland based managed investment company, took Trinity to court in April this year alleging Trinity breach its obligation to use its “best endeavours” to buy or arrange a buyer for CVC’s interests in a Trinity managed fund for $7.4 million.
As part of the settlement, Trinity will pay $5.8 million and CVC will keep its stake in the Trinity fund.
Trinity will be liable to pay $3 million upfront.
Trinity said it had already made a $3 billion provision in its account for settling the CVC dispute.
Australian Property Journal
