Nike Zoom Black And White
Fyffes will receive 37.6m of the 41m settlement, including its legal fees, which have run to just over 11m.
Distributor agrees to pay Fyffes 37m in insider dealing case
In total, DCC has agreed to pay 41m to settle the case, less than the 50m it had previously estimated the compensation and legal bills would amount to.
The talks came ahead of a High Court hearing in June that would have decided what compensation Fyffes should receive after the Supreme Court overturned an earlier ruling and found that DCC and its chief executive Jim Flavin had engaged in illegal insider dealing in the company's shares.
The Supreme Court judges found that the trial judge, Ms Justice Mary Laffoy, had erred when she ruled that the information was not price sensitive.
if the insider information had been generally available.
The High Court ruled that these reports were not price sensitive that if they were released they would materially affect the Fyffes share price.
The figure was less than half of the 85m Fyffes had initially sought from DCC when it brought the court case in 2002.
Fyffes' initial claim for 85m in compensation was based on the total profit DCC made from the share sales.
DCC Nike Zoom Black And White said in a statement that Nike Metcon 3
THE long running insider dealing action brought by Fyffes against its former shareholder DCC ended yesterday with the fruit distributor agreeing to a 37.6 million settlement.
The High Court ruled in December 2005 that although Mr Flavin had dealt in Fyffes' shares when DCC subsidiary S sold off a 10% stake in the company in February 2000, he was not in possession of price sensitive information at the time.
Settlement talks between Fyffes and DCC began a number of weeks ago and were mediated by two senior partners from PricewaterhouseCoopers. The agreement was reached over the weekend.
even after the settlement it will still make a net exceptional gain in the current financial year of 36m. Shares in DCC closed down 3.1% at 14.25.
Fyffes claimed that Mr Flavin, then a non executive director of the company, was in possession of reports that showed a worsening trading position in late 1999.
However, in January the two sides agreed that the amount of damages would be based on the difference between the actual prices that DCC sold its Fyffes shares at and the hypothetical price those shares would have been sold for Nike Zoom High Top
The remaining 3.4m will be paid by DCC to other institutional investors in Fyffes that sought damages. These companies are: Hibernian Investment Managers, Eagle Star, Founders Asset Management and Putnam Nike Kyrie 3 Colorways Release Date
Nike Zoom Black And White
Nike Metcon Dsx Colorways