SS&C Announces Favorable Arbitration Decision in Millennium Actions
SS&C Technologies Holdings, Inc. ("SS&C") today announced a favorable arbitration decision in the previously disclosed action (the "Millennium Action") pending against SS&C's subsidiary, GlobeOp Financial Services LLC ("GlobeOp"), which alleged claims and damages with respect to a valuation agent services agreement (the "Agreement") performed by GlobeOp for the Millennium Global Emerging Credit Fund, Ltd. and Millennium Global Emerging Credit Master Fund Ltd. (the "Millennium Funds"). The Millennium Action was a GlobeOp legacy dispute that first arose prior to SS&C's acquisition of GlobeOp in June 2012.
On July 31, 2015, the Tribunal issued a favourable judgment in the London Court of International Arbitration matter pending against GlobeOp, dismissing entirely the Millennium Funds' claim against GlobeOp for at least $160 million (plus interest). The Tribunal found that GlobeOp was not liable under the terms of the Agreement.
The Tribunal will conduct further proceedings on GlobeOp's claim for indemnification of its arbitration costs, the only unresolved issue in the arbitration.