WINDSOR, Conn., Aug. 11, 2015 /PRNewswire/ -- 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.
This release contains forward-looking statements within the meaning of the U.S. federal securities laws. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects", "estimates", "projects", "forecasts", "may" and "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Such statements reflect management's best judgment based on factors currently known but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, the state of the economy and the financial services industry, the Company's ability to finalize large client contracts, fluctuations in customer demand for the Company's products and services, intensity of competition from application vendors, delays in product development, the Company's ability to control expenses, terrorist activities, exposure to litigation, the Company's ability to integrate acquired businesses, the effect of the acquisitions on customer demand for the Company's products and services, the market price of the Company's stock prevailing from time to time, the Company's cash flow from operations, general economic conditions, and those risks discussed in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission and can also be accessed on our website. The Company cautions investors that it may not update any or all of the foregoing forward-looking statements.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. Some 10,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $44 trillion in assets.
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SOURCE SS&C Technologies