World Online/Tiscali sued for £10m
Couldn't have happened to a nicer bunch
Online personal finance outfit Globalnet Financial is suing Tiscali subsidiary WorldOnline for £10 million.
A writ issued in the high court claims that WorldOnline inflated subscriber figures and the number of page impressions it received when both companies signed a deal in September 1999.
Globalnet also claims that WorldOnline failed to promote its site and services as part of the agreement.
Under the agreement Globalnet was to provide financial news and content to a network of portals and ISPs in 13 countries throughout Europe.
The first four money and finance channels were launched in Holland, Germany, France, and Denmark and modelled on Globalnet's UK-iNvest.com Web site.
According to the FT, Globalnet invested some £10 million on the basis of the European deal with WorldOnline.
It's now looking for its money back.
A spokesman declined to be interviewed but said: "I can confirm ...that an action has been filed and served and that Globalnet has not yet had response from WorldOnline."
A spokeswoman for Tiscali UK declined to comment on the story...so, no change there then. ®