The case stems from claims made around the period from 2012 to 2016.

Leonteq, the Switzerland-listed structured products firm, has reached a settlement in a civil law case brought in the English Commercial Court by Utmost International Isle of Man Limited and Utmost Paneurope dac. 

Subject to court approval, these proceedings will be dismissed. The legacy case, originally put forward by Old Mutual International group companies, which were since acquired by Utmost, primarily related to alleged events in the period from 2012 to 2016, Leonteq said in a statement late in December. 

In mid-October Leonteq hit back at claims in a media report alleging suspicious trading potentially related to tax evasion or money laundering by clients linked to Leonteq-issued products distributed by a firm based in the British Virgin Islands. (See this report for more details, including Leonteq’s response.)

The firm said that in the second half of 2022 to date, it “continued to register reduced client demand on the back of an overall challenging market environment but recorded stable monthly net fee income over the same period.”

The business said it has kept a “prudent approach to risk management” with its net trading result compensating for subdued client activity, particularly in the third quarter of 2022. 

Leonteq expects to report a group net profit for 2022 in the area of the prior-year record result of SFr155.7 million ($168.7 million).