Matt Fairfield’s Exin has settled all outstanding litigation with his former backer, the Greek-American billionaire John Calamos.
In a statement on the company website Exin said the settlement includes the dismissal of all legal actions in Athens, Amsterdam and Chicago.
The terms of the settlement were not revealed.
The case against Exin was initially brought by Calamos and the CEO of his eponymous investment firm John Koudounis in February when they asked an Illinois court to see a full audit of Exin’s financials as part of an attempt to claw back over $41mn extended to Fairfield’s company to help finance its expansion plans. This included the acquisition of AIG Greece and an attempt to buy the insurer Ethniki, owned by the State-controlled Greek bank National Bank of Greece.
Later the same month Calamos upped the ante in his dispute with Exin after he filed another lawsuit against the pan-European carrier in its home jurisdiction of the Netherlands.
The dispute came as Exin scrambled to raise funds for its agreed Eur718mn deal to acquire a majority stake in Ethniki, Greece’s oldest insurance company.
Calamos claimed that Exin stakeholders deliberately tried to exclude them from the insurance group and failed to repay $41mn in loans which were taken out to finance the early stages of the company’s build-out.
Both subsequently sought damages from Fairfield, who personally guaranteed some of the loans.
Exin failed to raise the Ethniki funds before the exclusivity period expired at the end of March and has subsequently initiated a cost-cutting exercise.