Reuters has withdrawn its lawsuit against Moneyline Telerate after the firms agreed to an independent audit of disputed billing fees of $18.3 million.
Last month Reuters threatened to shut off the supply of market data to Moneyline after filing a lawsuit for the recovery of $18.3 million in unpaid bills.
Moneyline called for independent audit and a proper breakdown of the invoices from Reuters. The firm later placed the disputed amount into an escrow account, saying it had removed the sole purported basis for Reuters' termination of its Transitional Services Agreement (TSA) by doing so.
As part of the settlement, a portion of the escrowed money has been released to Reuters, with a provision that it will be returned to Moneyline if the audit does not support Reuters' invoices.
Christopher Feeney, chief executive officer of Moneyline Telerate, says: "There was a substantial invoice dispute and, understandably, Moneyline exercised its right to request an independent auditor to confirm the invoices. Reuters has agreed, so we are all moving forward."
Moneyline recently announced a partnership with Interactive Data Corporation which it says represents the final stage of a migration plan to move away from reliance on Reuters' ticker plant.