ESGL wins jury verdict in De Tomaso litigation case

ESGL Holdings Limited (NASDAQ: ESGL) announced that a unanimous jury verdict was delivered in favor of De Tomaso Automobili Holdings Limited and its owner Norman Choi in the U.S. District Court for the Southern District of New York.

The jury rejected claims made by former CEO Ryan Berris, determining that he held no equity interest in De Tomaso and had no contractual entitlement to the compensation he alleged, including any limited edition supercar. The jury also ruled in favor of De Tomaso on its counterclaims for breach of fiduciary duty and awarded damages.

The verdict clears De Tomaso and Choi of all allegations of fraud, dishonesty, or unjust action. This outcome resolves litigation that was previously disclosed in ESGL's public filings.

ESGL continues working toward closing its proposed business combination with De Tomaso Automobili Holdings Limited. The transaction remains subject to Nasdaq approval and customary closing conditions, with no assurance that it will be completed.

ESGL Holdings Limited is a Singapore-based company focused on reducing carbon emissions for industries across Asia. De Tomaso Automobili Holdings Limited represents the Italian luxury automotive brand with heritage dating back to 1959.

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