Board makes settlement following legal advice over unfair dismissal and age discrimination claim
Developer Berkley Group has paid its former St George boss Tony Carey 拢5m in a settlement over claims of unfair dismissal and age discrimination.
In a statement to the market the firm said the board鈥檚 decision to settle the claim was unanimous following legal advice.
The case was due to be heard by an employment tribunal shortly.
Carey, who had been at the firm for 20 years, had been regarded as one of the most trusted lieutenants of Berkeley boss Tony Pidgley. But he unexpectedly quit in September 2010 amid rumours of a management bust-up.
At the time he was paid 拢497,444 鈥渃ompensation for loss of office鈥� by Berkeley Group, equivalent to just under half of his 2010 remuneration of 拢1m.
Berkeley said the costs of the settlement were fully allowed for in the balance sheet as at 30 April 2011. The firm added that share options for 1,388,390 shares, worth more than 拢17m at today鈥檚 share price, were cancelled following the settlement.
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