By John Lee.
Innospec has announced the successful conclusion of a lawsuit brought against the company by Jalal Bezee Mejel Al-Gaood & Partner and Future Agencies Company Limited in connection with alleged loss of profits in Iraq.
The matter had been filed in the High Court of Justice in the United Kingdom, and the judge dismissed the Claimants' case in its entirety, subject to the right of appeal.
The judgment also allows Innospec to bring a claim for reimbursement of its legal expenses. Innospec previously disclosed, in its SEC filings, that the stated claim inclusive of costs and expenses, was for up to $42.3 million.
Patrick S. Williams, President and CEO of Innospec, said:
"From the outset, we stated that the allegations in this claim were entirely without merit and that we would rigorously defend our position.
"We have done so, and have been proven right. It is clear that this case should never have come in front of the courts, and therefore we will be applying for reimbursement of substantial costs."
"Since 2010, we have been working hard to rebuild Innospec into a growing specialty chemical company backed by a first class compliance program. The successful conclusion of this case and the termination of our monitorship regarding legacy issues, are a watershed for Innospec.
"We can finally move on from these matters and devote our undivided attention to the continued growth of Innospec."