Challenger Acquisitions says US complaint dismissed in court

25th Aug 2016 13:26

(ShareCast News) - Giant observation wheel specialist Challenger Acquisitions said a complaint filed against it and some subsidiaries by Madison Capital Markets LLC in a US court has been dismissed.Madison had demanded compensation for alleged services for advising and facilitating Challenger's acquisition of Starneth Group and investment in the New York wheel project.This was dismissed by US District Court for the Southern District of New York, which also denied Madison motion for leave to amend the complaint."This is the outcome we were expecting and we are delighted that we can now put this court case behind us and are very grateful to our shareholders for their patience during this time," said chief executive Mark Gustafson in a statement.Challenger, which has a $3m equity interest in the $590m New York Wheel Project, is focusing on appraising about 25 opportunities in its project pipeline.