Tyro settles $10 million legal action with Kounta
ASX-listed Tyro Payments have provided an update on the legal proceedings commenced by Tyro against Kounta Pty Ltd (Kounta) on 4 September 2023 asserting that Kounta breached its obligations to Tyro by offering a competing product in Lightspeed Payments to Tyro merchants (Proceedings).
Tyro has entered into a settlement deed with Kounta ahead of the hearing of Kounta’s appeal to the orders made in Tyro’s favour on 16 November 2023. The parties have agreed to settle on the basis that:
- Kounta’s appeal be dismissed;
- judgment be entered in favour of Tyro in the Proceedings;
- Kounta pay Tyro $10 million in damages; and
- until 6 September 2024, Kounta be restrained from soliciting, inducing, or otherwise attempting to persuade an agreed list of mutual merchants of both Tyro and any of Kounta, Lightspeed Commerce, Inc. or Vend Limited to become a merchant of any other entity providing acquiring services.
