Westpac and Brown settle out of court
FormerSagitta Wealth Managementhead of Australian equities Andrew Brown has resolved his legal dispute with Westpac Banking Corporation with an undisclosed out of court settlement.
Sagitta, previously Rothschild Australia Asset Management and now owned by Westpac, put out a press release stating the case, being heard in the NSW Supreme Court, had been concluded “on terms with which all parties are satisfied”.
Neither party has been willing to disclose the conditions of the settlement, but Brown was originally seeking $3.1 million from Westpac after claiming he had been unfairly dismissed. The bank, however, countered that Brown did not comply with the conditions of his employment, resulting in his dismissal.
Brown left Sagitta in January this year when Westpac named Crispin Murray as head of Australian equities. This led to the court case, as Brown sought to have his contract, which was to conclude in September 2005, paid out in damages.
Brown is now set to head up Huntley’s Business Network, which is in the process of being renamed as Trent Capital.
He will take on the role of managing director with the group, which will invest in microcaps, hold shares in selected small to medium companies and invest in unlisted investments, after Huntley’s indicated it would fully purchase Brown’s own company Loftus Lane.
Brown’s involvement with Loftus Lane and its dealings late last year were raised during the case, with Westpac’s legal counsel claiming his involvement with the former was one of the breaches of obligation, while Brown countered he had yet to act in such a way as the moves at the time were only proposals.
AUTHOR
Jason Spits
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