Company claims contract breach cost it €1.5 million

Yes Media Limited is claiming that Insignia Cards Limited had not fulfilled its contractual obligations vis-a-vis a 2013 co-branding agreement on Visa credit cards.

A marketing company has filed a judicial protest against a financial services firm accusing it of a breach of contract which caused over  €1.5 million in losses.

In the protest, which was filed by lawyers Charlon Gouder and Joseph Gerada, Yes Media Limited is claiming that Insignia Cards Limited had not fulfilled its contractual obligations vis-a-vis a 2013 co-branding agreement on Visa credit cards.

The plaintiff said that it had allowed Insignia to use the word “Yes” on its Visa cards, whilst Insignia would market the cards heavily to encourage their use, as well as binding it to generate interest amongst businesses in the Yes Reward Scheme. 

According to the protest, Insignia failed to keep its side of the bargain adding that none of the agreed promotion happened leading to the company suffering losses in excess of 1.5 million euros.

In addition, said the plaintiff, Yes Media's management had received a text message from one of the Insignia directors informing it that the contract was to be dissolved. 

Yes Media alleged bad faith on the part of Insignia Cards Ltd, attributing this move to “ulterior motives.”