TSX Group Inc. announced today that TSX Inc., a subsidiary of TSX Group Inc., has reached a settlement in arbitration proceedings commenced by Ashton Technology Canada Inc. (Ashton) on June 11, 2003. Ashton and TSX Inc. have agreed to settle Ashton’s claim in its totality for US$2.65 million (or approximately CDN$3.33 million) plus CDN$230,000 in costs. Ashton had originally claimed US$30 million in damages. The settlement of Ashton’s claim will be reflected in TSX Group Inc.’s results for the third quarter of 2004.
As previously disclosed, the arbitrator rendered his award in the liability phase of the arbitration on September 20, 2004, holding that TSX Inc. had breached an agreement with Ashton dated June 7, 2000 to develop and integrate an eVWAP facility.
