African Bank, Commodities Co. Settle $4M Loan Dispute

Law360, London (August 1, 2019, 5:08 PM BST) -- A commodities firm has settled a lawsuit brought by the London-based unit of BMCE Bank over outstanding loan payments tied to a trade finance deal that soured after the detainment of sesame seeds.

The $4.4 million claim, which was brought against Phoenix Commodities Pvt. Ltd. by BMCE Bank International PLC, has been stayed in the High Court after the two companies agreed to terms set out in a confidential out-of-court agreement.

“By consent it is ordered that all further proceedings in this action be stayed upon the terms set out in the settlement agreement between the parties dated 4th July 2019,”...

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