JAXX AG / Legal Matter
14.08.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Victory in Federal Supreme Court: JAXX AG prepares multi-million
compensation claim against lottery cartel
- Federal Supreme Court definitively confirms lottery companies' boycott of
commercial gaming agents to be unlawful
- Superior Cartel Senate of the Federal Supreme Court refers to EU
Commission's serious reservations about State Treaty on gaming
Karlsruhe/Altenholz, August 14, 2008 The Federal Supreme Court (BGH) has
paved the way for substantial compensation claims against the German
lottery cartel in today's decision. The BGH ruled in the last instance that
the lottery companies may not boycott sales from commercial gaming agents
such as JAXX. In their verdict, the Karlsruhe judges also referred to the
European Commission's serious reservations about the lawfulness of the
State Treaty on gaming which came into force at the start of this year, and
to the European Court of Justice's forthcoming decision in this connection.
The gaming specialist JAXX AG (formerly FLUXX AG, ISIN DE000A0JRU67)
expressly welcomes the ruling in the competition dispute between the
Federal Competition Authority and the German lottery companies. Stefan
Hänel, Management Board member of JAXX AG for Finance, Legal and Personnel,
declared: 'We are very satisfied with the judges' verdict because it
comprehensively confirms every aspect of the competition authority's
decision that concerns our business.'
The dispute was triggered off when, in 2005, JAXX launched a project to
sell lottery tickets via terminals in supermarkets and filling stations. In
an effort to protect its own network of around 25,000 lottery agencies
against unwelcome competition, the 16 companies in each of the federal
states decided to refuse to accept sales by private agents via terrestrial
outlets. Then, in August 2006, the Federal Competition Authority ruled that
this boycott violates German and European competition law.
Although the Higher Regional Court of Düsseldorf confirmed the competition
authority's ruling in June 2007, certain lottery companies persisted in
their efforts to hinder JAXX's business operations, for example by issuing
written warnings and unlawful notices of termination. 'The losses we have
suffered as a result of the boycott and its effects now run easily into
seven figures,' added Stefan Hänel. 'We will be meeting our lawyers
straight away to examine our claim and will act swiftly. Today's decision
now finally paves the way for filing an appropriate claim for compensation
on behalf of our company and shareholders.'
About JAXX:
JAXX is a company specialising in the handling of lotteries and betting,
with registered office in Altenholz, near Kiel. The necessary rights and
licences and the technical and market-relevant expertise place JAXX in a
position to be able to arrange any form of licensed gaming for consumers,
using a variety of sales channels. In addition to the self-marketed
services jaxx.de, jaxx.com, myBet.com, pferdewetten.de and Telewette, JAXX
makes its products and services available to other companies, including
AOL, freenet, Yahoo and Lycos. JAXX AG has been listed on the Frankfurt
Stock Exchange (Deutsche Börse) since September 1999 (ISIN DE000A0JRU67);
the group currently has around 180 employees.
Contact:
JAXX AG
Investor Relations & Corporate Communications
Stefan Zenker
Tel. +49 (40) 85 37 88 47
Fax +49 (431) 88 10 44 0
Mail stefan.zenker@jaxx.com
DGAP 14.08.2008
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Language: English
Issuer: JAXX AG
Ostpreußenplatz 10
24161 Altenholz
Deutschland
Phone: +49 (0)431 88 104-0
Fax: +49 (0)431 88 104-40
E-mail: ir@jaxx.com
Internet: www.jaxx.com
ISIN: DE000A0JRU67
WKN: A0JRU6
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: Victory in Federal Supreme Court: JAXX AG prepares multi-million compensation claim against lottery cartel
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