The former Quindell reaches financial settlement with former group boss and his wife
Watchstone, formerly known as Quindell, has settled its financial disputes with former boss Rob Terry.
The company announced the settlement, which was reached in January, in its 2017 results this morning.
The disputes arose out of Terry’s contract of employment, the settlement agreement when he left the company in November 2014 and a separate agreement on work done to the group’s former head office at Quob Park.
Under the new settlement, Terry has waived his right to receive £280,000 under the November 2014 settlement; and Terry and his wife and former employee Louise Terry have paid Watchstone £800,000 in cash.
Terry left Quindell after a controversial director share deal.
Terry blamed short-sellers for reducing Quindell’s share price to a fraction of its once high levels, when the company had been worth £3bn on the Alternative Invetment Market.
He has dismissed the idea of any insider dealing in Quindell shares as a “heap of rubbish”.
In 2015, the SFO announced it was considering a probe into the troubled insurance outsourcer.