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Business News

Inmarsat settles with US group

Inmarsat has settled its acrimonious dispute with US wireless broadband group LightSquared, which is backed by hedge fund billionaire Philip Falcone.

The satellite phone technology company has accepted a $56m (£35m) payment from LightSquared and agreed that another $29.6m owing as well as future payments can be deferred until March 2014.

Inmarsat, whose share rose 4 per cent to 440.4p on the news, said it means "LightSquared will no longer be in default" because of the payments.