Clarksons, the world's largest shipbroking and shipping services group, has agreed to pay a "further and final" provision of GBP13 million (US$25.8 million) to Russian shipping firms Sovcomflot and Novoship which filed claims against the UK firm.
The settlement was paid in a bid to avoid a lengthy and expensive litigation, according to comments made by Clarksons chairman Tim Harris.
Total provisions made against the legal actions, which are widely believed to have been a major factor in the removal of Richard Fulford-Smith as chief executive, now amount to GBP27 million, a Lloyd's List report said, adding that both parties are seeking to keep the settlement terms confidential.
This is lower than the sum of $67 million originally claimed by Sovcomflot and Novoship.
The legal actions against subsidiary H Clarkson & Co concerned third-party commissions, which it is alleged to have improperly paid on business transacted during 2001-2004.
Mr Harris was also reported to have confirmed that the settlement covered another potential claim by Sovcomflot for $71 million, relating to "a routine year-end valuation." Details of which were unavailable.
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