LBC settles dispute by paying millions of dollars

MANILA, Philippines - The LBC Group has agreed to pay millions of dollars to ATR KimEng Financial Corp., a listed diversified financial services company, as part of a global settlement agreement. The agreement was the result of mediation procedures sanctioned by courts in San Francisco and acceptable to courts in Delaware, California, and the Philippines, ATRKE Financial said in a statement. ATRKE Financial will receive $ 2.5 Million in cash from LBC, interest-bearing promissory notes worth $5 million, and a 49.38 percent stake in MNB Holdings Corp. In exchange, “all of the cases that the two groups have filed against each other in the US and in the Philippines will be dropped and mutual releases will be issued," the company said. Shares of ATRKE Financial Corp. rose two centavos to P2.40 during Friday’s trading at the Philippine Stock Exchange (PSE). - GMANews.TV