Genting Malaysia has reached a settlement with Twenty-First Century Fox Inc and Walt Disney Co in relation to the development of a Fox theme park at its Malaysia integrated resort, Resorts World Genting.
The settlement comes after Genting Malaysia filed a US$1 billion lawsuit last November claiming the two iconic US firms had reneged on a contract to build the theme park. Fox subsequently filing a counter-claim alleging breach of contract and breach of the implied covenant of good faith and fair dealing by Genting Malaysia.
In an announcement this week, Genting Malaysia said it has now entered into a settlement agreement with both Twenty-First Century Fox Inc and Walt Disney Co fully resolving their disputes against each other and agreeing to dismiss all claims and counterclaims between the parties.
It added that, as part of the settlement terms, the parties have entered into a Restated Memorandum of Agreement granting Genting Malaysia a license to use certain Fox intellectual properties.
“Genting Malaysia is currently updating its development and construction plans to complete the outdoor theme park utilizing both Fox and non-Fox intellectual properties. The outdoor theme park shall also be renamed,” it said.
Genting stated last November that it has already invested around US$750 million into the theme park before the litigation saw the project put on hold.
