Sherwood International announced today that it has accepted a £2m settlement payment in relation to a court judgment made against it in November 2001.
The judgment related to a 1993 customer sale of a software product, which was later discontinued in 1996.
The company took a £4.1m exceptional charge in the 2001 accounts, and indicated its resolve to pursue various parties in respect of indemnification.
Chief executive Mike Shinya said: "Sherwood is encouraged by the outcome of the settlement, and would now like to draw the matter to a close.
"Whilst current economic and trading conditions are challenging for everyone in the software industry, I believe that Sherwood's superior track record of delivery to customers, and the high skill level of its workforce, provides an excellent foundation for continued success in the future, particularly within the London Markets.
"Sherwood will continue to focus on our customers and our responsiveness to the market places we serve."
Sherwood said it does not anticipate any further financial exposure in relation to other sales of the discontinued product.
