Triterras Announces Settlement Agreement in Securities Class Action Litigation

SINGAPORE, May 16, 2022 (GLOBE NEWSWIRE) -- Triterras Inc. (OTCExpertMarket:TRIRF) (“Triterras” or the “Company”), a leading fintech company focused on trade and trade finance, announced today that Triterras and all defendants in the class action Erlandson v. Triterras, Inc., et al. (Civil Action No. 7:20-cv-10795-CS (S.D.N.Y.) (the “Action”)), have entered into a settlement agreement to fully and completely resolve the Action. The settlement is not an admission of wrongdoing, fault or liability. Under the terms of the Stipulation and Agreement of Settlement (“Settlement Agreement”), which has been filed with the Court, Triterras will pay $9 million, of which a portion will be covered by insurance. The Settlement Agreement is subject to approval by the Court and the fulfillment of other conditions set forth therein, all of which involve inherent risks and substantial uncertainties. A copy of the Settlement Agreement is attached to this press release.