IDE Group updates market on Coreix damages claim

The AIM-traded firm said Coreix submitted a request for a case management conference at the Intellectual Property Enterprise Court on 6 February.

However, that request was adjourned for at least three months by the IPEC judge, in order that the company could be permitted sufficient time to mount a substantial defence.

“This was on the basis that Coreix had increased the damages claim to £0.5m in January 2018, the maximum under the IPEC rules, the claim having always previously stated by Coreix's solicitors to be for less than £10,000,” the board said in its statement.

“The board continue to reject the notion that the liability exceeds the amount originally stated and will argue that Coreix's claim should not exceed £10,000 and, even if that is not accepted by the court, the company's advice remains that its potential liability in respect of Coreix's claim should be materially below £500,000.”

IDE said it would provide further updates “as and when appropriate”.