Latest news with #REPX
Glasgow Times
9 hours ago
- Business
- Glasgow Times
Update on finance firm's case against Rangers in Court of Session
Lawyers for the 'Gers and Reputation Exchange PLC told judge Lord Sandison that they have reached an agreement in the action 'in principle.' The news emerged during proceedings at the Court of Session on Friday. It is the latest hearing in an action brought by Reputation Exchange PLC who are seeking to recover undisclosed but 'significant compensation' from the Glasgow club. The company, known as REPX, believes the 'Gers owe it money over an aborted agreement between the two sides. REPX says Rangers wanted it to develop a 'customised payment card' which would have allowed fans to buy products associated with it. However, the business claims that Rangers stopped the card from coming into operation. It says it was provided with legal advice from 'Scottish legal counsel' saying the club breached an agreement. The firm also claims that the alleged breach means it is entitled to compensation - it says that it invested a large amount of its own money into developing the card, and it should be compensated for the sum it spent. On Friday, Rangers' lawyer Timothy Young told Lord Sandison of the latest development in the case. READ NEXT: Man arrested after woman and four horses die in crash The court had earlier heard from REPX's advocate Ross Anderson, who said that the agreement between the two sides still needed to be finalised. Mr Young said: 'I would echo what Mr Anderson has said about parties having reached an agreement in principle, subject to entering into the settlement agreement. 'As my learned friend indicated - it's not so much that the agreement hasn't been reached. It's simply that implementation of that agreement will take some time. According to REPX's website, the firm describes itself as being a 'fintech company' that is 'disrupting' traditional banking. It states: 'REPX is creating for celebrities, influencers, sport teams, brands, iconic cities, the opportunity to monetise their fan base with unique co-branded prepaid cards, debit cards, and patented digital products catered to their loyal legions of followers and fans' It started working with Rangers to design a prepaid card after making similar products for Italian sides AC Milan and Torino. In the firm's strategic report for the year ending December 31 2023, the company talks of initiating a legal action against a football club which it doesn't name. READ NEXT: CCTV released of man in football top after Glasgow train incident The report states: 'The company initiated legal action against a football club to recover the advance paid to acquire the right to issue branded prepaid cards, as well as to recover the loss of profit and/or cost of investments made to develop an app customised to the wishes of the club itself. 'Below are some key extracts from the letter sent by our lawyers to the other side, anticipating that proceedings will be commenced against the football club without further delay should it not be possible to resolve the claims in the early course. "Our Client has also had the benefit of advice from senior counsel on Clause 12 of the contract.'Our Client (REPX) has suffered significant losses as a result of your client's breaches of contract. Our Client maintains claims against Your Client under the following heads.' It states the failed scheme created losses of £1.5million on top of £500,000 in 'aborted costs', including design work. They say this is on top of further £120,000 in cash they had paid the club as part of an agreement to launch the card in August 2023 before the plan was shelved. Bosses are also claiming a further £20,000 for 'costs and wasted management time'. In a letter sent to the council of the Cyprus Stock Exchange on December 27 2024, REPX directors state that 'the company has started a costly lawsuit against the Scottish club Rangers FC, who had a customised payment card created to their specifications.' READ NEXT: Glasgow firms named and shamed for 'deliberate' unpaid tax It further states: 'REPX invested several hundred thousand GBP in technology and one year of development) and then effectively blocked the issuance of the card on instrumental grounds that even the Scottish Legal Counsel (which carries significant weight in Scotland), who provided us with the prior legal advice to start the legal process, dismissed as unfounded. 'In fact, the Scottish Legal Counsel invited us to assert our right to a substantial refund of the amount invested on the basis of the Scottish club's claims. we "We believe we should be entitled to receive significant compensation.' On Friday, Mr Anderson said: 'The parties have reached a commercial settlement.' Lord Sandison expressed concern about the state of the settlement agreement. He said that he wasn't content to end the action at the close of Friday's hearing because of the lack of detail provided to the court. He said that unless parties could finalise the details of the agreement, they would be expected to come to court to participate in a proof - the Scottish legal term used to describe the main hearing in civil cases - next month. Lord Sandison told the two advocates: 'I'm not asking you in any way to disclose the terms of the settlement agreement. 'But let us hypothesise that it might be that one party is going to pay some money to the other party. 'What's going to happen to the agreement - I pose this question rhetorically - if that money is not paid on the day that it is supposed to be paid? 'Is there a settlement or is there not? If there is, then there is no need to postpone the disposal of this action until implemented because you have got a binding agreement - which you can just come right back to court and say 'here's a binding agreement: it hasn't been performed, we want it to be performed.' 'I can assure you that in sort of situation the court rapidly expedites the disposal of such actions.' READ NEXT: Man dies on Scottish beach in Saltcoats after 'taking unwell' Lord Sandison also said that if the matter is settled today, then the dates allocated by the court to the two sides could have been allocated to another party who is taking legal action. He added: 'I think it's very common knowledge that I don't discharge diets - substantive diets - on the promise of a settlement one day.' He urged the two sides to finalise the agreement. He added: 'I've hoped I've made it perfectly clear. I can't imagine that I haven't. Either this action settles before the start of the proof diet, or it proceeds on the proof diet - loud and clear?' The proof is scheduled to be heard at the Court of Session between July 8 and July 11 2025.
The Herald Scotland
12 hours ago
- Business
- The Herald Scotland
Rangers reach settlement over 'costly' fans pre-payment card lawsuit
The news emerged during proceedings at the Court of Session on Friday. It is the latest hearing in an action brought by Reputation Exchange PLC who are seeking to recover undisclosed but 'significative compensation' from the Glasgow club. The company, known as REPX believes Rangers owe it money over an aborted agreement between the two sides. REPX says Rangers wanted it to develop a 'customised payment card' which would have allowed fans to buy products associated with it. However, the business claims that Rangers stopped the card from coming into operation. It says it was provided with legal advice from 'Scottish legal counsel' saying the club breached an agreement. The firm also claims that the alleged breach means it is entitled to compensation - it says that it invested a large amount of its own money into developing the card and it should be compensated for the sum it spent. The gates at Ibrox Stadium (Image: SNS Group) On Friday, Rangers's lawyer Timothy Young told Lord Sandison of the latest development in the case. The court had earlier heard from REPX'S advocate Ross Anderson who said that the agreement between the two sides still needed to be finalised. Mr Young said: 'I would echo what Mr Anderson has said about parties having reached an agreement in principle subject to entering into the settlement agreement. 'As my learned friend indicated - it's not so much that the agreement hasn't been reached. It's simply that implementation of that agreement will take some time. According REPX's website, the firm describes itself as being a 'fintech company' that is 'disrupting' traditional banking. It states: 'REPX is creating for celebrities, influencers, sport teams, brands, iconic cities, the opportunity to monetize their fans base with unique co-branded prepaid cards, debit cards, and patented digital products catered to their loyal legions of followers and fans' It started working with Rangers to design a prepaid card after making similar products for Italian sides AC Milan and Torino. In the firm's strategic report for the year ending December 31 2023, the company talks of initiating a legal action against a football club which it doesn't name. The report states: 'The company initiated legal action against a football club to recover the advance paid to acquire the right to issue branded prepaid cards, as well as to recover the loss of profit and/or cost of investments made to develop an app customized to the wishes of the club itself. 'Below are some key extracts from the letter sent by our lawyers to the other side, anticipating that proceedings will be commenced against the football club without further delay should it not be possible to resolve the claims in early course "Our Client has also had the benefit of advice from senior counsel on Clause 12 of the contract.'Our Client (REPX) has suffered significant losses as a result of your client's breaches of contract. Our Client maintains claims against Your Client under the following heads.' It states the failed scheme created losses of £1.5million on top of £500,000 in 'aborted costs' including design work. They say this is on top of further £120,000 in cash they had paid the club as part of an agreement to launch the card in August 2023 before the plan was shelved. Bosses are also claiming a further £20,000 for 'costs and wasted management time'. In a letter sent to the council of the Cyprus Stock Exchange on December 27 2024, REPX directors state that 'the company has started a costly lawsuit against the Scottish club. Rangers fans (Image: SNS Group) Rangers FC who had a customised payment card created to their specifications.' It further states: 'REPX invested several hundred thousand GBP in technology and one year of development) and then effectively blocked the issuance of the card on instrumental grounds that even the Scottish Legal Counsel (which carries significant weight in Scotland) who provided us with the prior legal advice to start the legal process dismissed as unfounded. 'In fact the Scottish Legal Counsel invited us to assert our right to a substantial refund of the amount invested on the basis of the Scottish club's claims. we We believe we should be entitled to receive a significative compensation.' On Friday, Mr Anderson said: 'The parties have reached a commercial settlement.' Lord Sandison expressed concern about the state of the settlement agreement. He said that he wasn't content to end the action at the close of Friday's hearing because of the lack of detail provided to the court. He said that unless parties could finalise the details of the agreement, they would be expected to come to court to participate in a proof - the Scottish legal term used to describe the main hearing in civil cases - next month. Lord Sandison told the two advocates: 'I'm not asking you in any way to disclose the terms of the settlement agreement. 'But let us hypothesis that it might be that one party is going to pay some money to the other party. 'What's going to happen to the agreement - I pose this question rhetorically - if that money is not paid on the day that it is supposed to be paid? 'Is there a settlement or is there not? If there is then there is no need to postpone the disposal of this action until implement because you have got a a binding agreement - which you can just come right back to court and say 'here's a binding agreement: it hasn't been performed, we want it to be performed.' He added: 'I think it's very common knowledge that i don't discharge diets - substantive diets - on the promise of a settlement one day.' He urged the two sides to finalise the agreement. He added 'I've hoped I've made it perfectly clear. I can't imagine that I haven't. Either this action settles before the start of the proof diet or it proceeds on the proof diet - loud and clear?'
Yahoo
21-05-2025
- General
- Yahoo
Memorial Day 2025: How Iowans can celebrate
The Iowa Veterans Cemetery in Van Meter on July 23, 2024. (Photo by Kathie Obradovich/Iowa Capital Dispatch) The United States will celebrate Memorial Day on Monday, May 26, by honoring soldiers who died during service. Originally known as Declaration Day, the tradition can be traced back to May 30, 1868. Gen. John A. Logan, 3rd commander-in-chief of the Grand Army of the Republic, an organization of former Union soldiers, proclaimed it a day to commemorate the soldiers who lost their lives in the Civil War. This year, many organizations across Iowa will keep the tradition alive. Here's where Iowans can participate in Memorial Day 2025 with a variety of local events: Iowa Gold Star Military Museum Memorial Day Celebration – 6 a.m. Camp Dodge, 7105 N.W. 70th Ave., Johnston. This family-friendly event held by the Iowa Gold Star Military Museum features a complementary military-style breakfast from 6 a.m.-9 a.m., a LifeServe blood drive from 7 a.m. to noon, live music vendors, and special exhibits and activities. Iowa Veterans Cemetery Memorial Day Ceremony – 8 a.m. 34024 Veterans Memorial Drive, Adel. The Iowa Veterans Cemetery will be hosting a ceremony to honor all those who served in the U.S. military. The service begins at 8 a.m. and will be streamed on the Iowa Department of Veterans Affairs Youtube channel. Raymon Veteran Park Memorial Day Service – 8 a.m. 307 W. Johnson St., Albion. Live music and a raising of the colors by several local veteran associations will be hosted in Albion by the Marshalltown Chamber of Commerce. Highland Memory Gardens Cemetery Memorial Day Celebration – 8 a.m. 1 N.E. 60th Ave., Des Moines. This celebration held by Highland Memory Garden and American Legion Post 374 will begin with a bagpipe performance and tribute from the Iowa Patriot Guard Riders at 9 a.m. The service will begin with a reading listing the names of all veterans buried in the Garden since Memorial Day 2024, and will conclude with a gun salute and taps. Refreshments will follow the service. Participants are encouraged to bring their own outdoor seating. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Davenport Memorial Park Cemetery Memorial Day Event – 9 a.m. 1022 E. 39th St., Davenport. The Davenport Memorial Park will host a Memorial Day event to allow families to stroll the grounds and pay their respects to the fallen soldiers who rest there. There will be food trucks on site. Memorial Day Murph with REPX – 9 a.m. 5335 Carey Ave., Davenport. REPX is a local Davenport crossfit gym that will be hosting a workout event in honor of Navy Lt. Michael P. Murphy. The traditional Murph challenge begins with a 1-mile run, followed by 100 pull-ups, 200 push-ups, 300 air squats, followed by a second and final 1-mile run. Holy Cross Parish Memorial Day Mass – 9 a.m. 2223 Indian Hills Dr., Sioux City. This service will be held at St. Michael Church by Holy Cross Parish to honor those who served in the U.S. military. Burke Memorial Park Memorial Day Ceremony – 9 a.m. 635 E. University Ave., Des Moines. The Larry Nehring Detachment #103 of the Marine Corps league will be hosting a service near Burke Memorial Park, at the Polk County Gold Star Monument. This service is open to all and will begin at 9 a.m. with a ceremonial firing detail. Waterloo Annual Memorial Day Parade – 10 a.m. Along 6th and Commercial streets, Waterloo. The annual Waterloo Memorial Day Parade begins at 6th Street, then travels down Lafayette Street, finally ending at Commercial Street. Participants should set up along these streets for the best experience. Capitol Complex Memorial Day Ceremony – 10 a.m. East Walnut between Finkbine Drive & East 12th Street, Des Moines. The Larry Nehring Detachment will also be holding a service at 10 a.m. at the memorials on the south side of the State Capitol Complex. Following the service, Amvets Post 2 will host a luncheon at 2818 5th Ave., Des Moines. Rock Island Arsenal Memorial Day Ceremony – 10:45 a.m. Bldg 118, Rodman Ave., Rock Island, Illinois This year's speakers include Dr. Amanda Hale, from the Defense POW/MIA Accounting agency, and Col. Joe Parker, the Rock Island Garrison commander. Visitors should park in Memorial Field where buses will shuttle them to and from the ceremony. Memorial Day Tribute at Cedar Memorial – 11 a.m. 4200 1st Ave. NE, Cedar Rapids. This ceremony will include patriotic music, rifle volley, taps, and a speech from Dustin Peterson, director of Linn County Veteran Services. Participants are encouraged to bring their own outdoor seating. Council Bluffs Memorial Day Service – 11 a.m. 100 Pearl St., Council Bluffs. Join American Legion Post #2 in celebrating their annual Memorial Day service. Rev. Nathan Sherrill, pastor of St. Paul's Lutheran Church, will serve as master of ceremonies. Michele Takin will sing the National Anthem. Mayor Matt Walsh, Post 2 Commander Sharlene Anderson, and Honor Guard Captain Brad Powell will give speeches. This ceremony will also include a special drill presentation by the Abraham Lincoln ROTC Drill Team. Memorial Day Ceremony at Bettendorf Veterans Memorial – 2 p.m. 1645 23rd St., Bettendorf. Bettendorf Veterans Memorial is a monument to those who previously served or are on active duty. A Memorial Day ceremony will be held in the afternoon for all to attend. Fleet Farm Salutes Taps Across America – 3 p.m. 5858 Sunnybrook Drive, Sioux City. At 3 p.m. on Memorial Day, a live bugler will perform Taps at all Fleet Farm stores across America followed by a minute of silence during the National Moment of Remembrance. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Scottish Sun
02-05-2025
- Business
- Scottish Sun
Rangers learn date they will be in court over ‘costly' case as card firm sues Ibrox club
A SENIOR judge has fixed dates for a hearing in a 'costly' case in which he'll consider claims that Rangers 'blocked' a fans pre-payment card developed by a financial business. Lord Sandison decided on Friday morning that he'll hear arguments from lawyers for the Glasgow club and Reputation Exchange PLC in July this year. 4 The Court of Session in Edinburg 4 A general view of Ibrox Credit: Getty 4 A general exterior view of Ibrox Stadium Credit: Getty Lawyers for the Reputation Exchange PLC have gone to the Court of Session in Edinburgh in a bid to recover undisclosed but 'significative compensation' from the Glasgow club. The company, known as REPX claims the 'Gers owe it money over an aborted agreement between the two sides. REPX says Rangers wanted it to develop a 'customised payment card' which would have allowed fans to buy products associated with it. However, the business claims that Rangers stopped the card from coming into operation. It says it was provided with legal advice from 'Scottish legal counsel' saying the club breached an agreement. The firm also claims that the alleged breach means it is entitled to compensation - it says that it invested a large amount of its own money into developing the card and it should be compensated for the sum it spent. According to its website the firm describes itself as being a 'fintech company' that is 'disrupting' traditional banking. It states: 'REPX is creating for celebrities, influencers, sport teams, brands, iconic cities, the opportunity to monetize their fans base with unique co-branded prepaid cards, debit cards, and patented digital products catered to their loyal legions of followers and fans' It says it started working with Rangers to design a prepaid card after making similar products for Italian sides AC Milan and Torino. In the firm's strategic report for the year ending December 31 2023, the company talks of initiating a legal action against a football club which it doesn't name. Moment dehydrated and seasick Rangers hero Graeme Souness, 71, says 'I feel terrible' during latest charity channel swim The report states: 'The company initiated legal action against a football club to recover the advance paid to acquire the right to issue branded prepaid cards, as well as to recover the loss of profit and/or cost of investments made to develop an app customized to the wishes of the club itself. 'Below are some key extracts from the letter sent by our lawyers to the other side, anticipating that proceedings will be commenced against the football club without further delay should it not be possible to resolve the claims in early course "Our Client has also had the benefit of advice from senior counsel on Clause 12 of the contract.'Our Client (REPX) has suffered significant losses as a result of your client's breaches of contract. Our Client maintains claims against Your Client under the following heads.' It claims the failed scheme created losses of £1.5million on top of £500,000 in 'aborted costs' including design work. They say this is on top of a further £120,000 in cash they had paid the club as part of an agreement to launch the card in August 2023 before the plan was shelved. Bosses are also claiming a further £20,000 for 'costs and wasted management time'. 4 How Rangers and Celtic stack up now for trophies won In a letter sent to the council of the Cyprus Stock Exchange on December 27 2024, REPX directors state that 'the company has started a costly lawsuit against the Scottish club Rangers FC who had a customised payment card created to their specifications.' It further claims: 'REPX invested several hundred thousand GBP in technology and one year of development) and then effectively blocked the issuance of the card on instrumental grounds that even the Scottish Legal Counsel (which carries significant weight in Scotland) who provided us with the prior legal advice to start the legal process dismissed as unfounded. 'In fact the Scottish Legal Counsel invited us to assert our right to a substantial refund of the amount invested on the basis of the Scottish club's claims. "We believe we should be entitled to receive a significative compensation.' On Friday, during a short virtual hearing, lawyers for both sides told Lord Sandison that they'll lead evidence from witnesses about the matter. Lord Sandison decided the case will be heard in the Court of Session between July 8 and July 11 2025. A procedural hearing in the matter is expected to take place in June 2025. Keep up to date with ALL the latest news and transfers at the Scottish Sun football page
Glasgow Times
02-05-2025
- Business
- Glasgow Times
More details emerge of financial firm's court case against Rangers FC
Lord Sandison decided on Friday morning that he'll hear arguments from lawyers for the Glasgow club and Reputation Exchange PLC in July this year. Lawyers for the Reputation Exchange PLC have gone to the Court of Session in Edinburgh in a bid to recover undisclosed but 'significative compensation' from the Glasgow club. The company, known as REPX believes the 'Gers owe it money over an aborted agreement between the two sides. REPX says Rangers wanted it to develop a 'customised payment card' which would have allowed fans to buy products associated with it. However, the business claims that Rangers stopped the card from coming into operation. It says it was provided with legal advice from 'Scottish legal counsel' saying the club breached an agreement. The firm also claims that the alleged breach means it is entitled to compensation - it says that it invested a large amount of its own money into developing the card and it should be compensated for the sum it spent. According to its website the firm describes itself as being a 'fintech company' that is 'disrupting' traditional banking. It states: 'REPX is creating for celebrities, influencers, sport teams, brands, iconic cities, the opportunity to monetize their fans base with unique co-branded prepaid cards, debit cards, and patented digital products catered to their loyal legions of followers and fans' It started working with Rangers to design a prepaid card after making similar products for Italian sides AC Milan and Torino. READ NEXT: Clydebank sex attacker raped teen after she confessed she was being bullied READ NEXT: Firm begins 'costly lawsuit' against Glasgow Rangers FC In the firm's strategic report for the year ending December 31 2023, the company talks of initiating a legal action against a football club which it doesn't name. The report states: 'The company initiated legal action against a football club to recover the advance paid to acquire the right to issue branded prepaid cards, as well as to recover the loss of profit and/or cost of investments made to develop an app customized to the wishes of the club itself. 'Below are some key extracts from the letter sent by our lawyers to the other side, anticipating that proceedings will be commenced against the football club without further delay should it not be possible to resolve the claims in early course "Our Client has also had the benefit of advice from senior counsel on Clause 12 of the contract.'Our Client (REPX) has suffered significant losses as a result of your client's breaches of contract. Our Client maintains claims against Your Client under the following heads.' (Image: Rangers) It states the failed scheme created losses of £1.5million on top of £500,000 in 'aborted costs' including design work. They say this is on top of further £120,000 in cash they had paid the club as part of an agreement to launch the card in August 2023 before the plan was shelved. Bosses are also claiming a further £20,000 for 'costs and wasted management time'. In a letter sent to the council of the Cyprus Stock Exchange on December 27 2024, REPX directors state that 'the company has started a costly lawsuit against the Scottish club Rangers FC who had a customised payment card created to their specifications.' It further states: 'REPX invested several hundred thousand GBP in technology and one year of development) and then effectively blocked the issuance of the card on instrumental grounds that even the Scottish Legal Counsel (which carries significant weight in Scotland) who provided us with the prior legal advice to start the legal process dismissed as unfounded. 'In fact the Scottish Legal Counsel invited us to assert our right to a substantial refund of the amount invested on the basis of the Scottish club's claims. "We believe we should be entitled to receive a significative compensation.' (Image: Rangers) On Friday, during a short virtual hearing, lawyers for both sides told Lord Sandison that they'll lead evidence from witnesses about the matter. Lord Sandison decided the case will be heard in the Court of Session between July 8 and July 11 2025. A procedural hearing in the matter is expected to take place in June 2025.
