Irish group DCC plc has settled its long-standing court action with Fyffes and will pay €41 million (£32.7m) to the Irish fresh produce group and the counterparties in full and final settlement of all claims, interest and costs.
DCC said this morning that the amount is in line with the estimate it made when it took an exceptional charge of €50m for the claims and its costs in its results for the period to September 30, 2007. Fyffes said its share of the settlement is €37.6m.
Fyffes initiated the legal action in connection with the sale of about 31.17m Fyffes shares in February 2000. The company alleged that the sale of Fyffes shares by DCC, through DCC's Lotus Green unit, constituted an unlawful dealing.