Fortescue (ASX:FMG) and Kid Shelleen, the family office of US billionaire Paul Tudor Jones, said in a US court that the firms had an agreement in principle and were close to settling a lawsuit over a failed plan to invest in energy projects in the US, The Australian reported Friday.
The firms plan to finalize their agreement before Aug. 1.
The lawsuit was filed in 2023 in the Connecticut District Court by Kid Shelleen, which sought $6.3 million in damages from Fortescue over a failed plan for the firms to invest together in energy projects in the US.
The family office then estimated that the true opportunity cost of the failed partnership was closer to $200 million.
Magistrate Judge Robert Spector originally ordered Fortescue's Executive Chairman, Andrew Forrest, to appear in court in May, where he could be required to provide evidence for potentially up to seven hours.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.