Charter plc - Statement re Settlement with City Index
07/02/2006
The Board of Charter plc announces that the Company has settled its legal claim against City Index. The proceeds of the settlement, earlier recoveries from the Company’s fidelity insurers and realisations of a former employee’s assets will result in a full recovery except for a £200,000 insurance policy deductible.
Contact
David Gawler, Chairman & Chief Executive, Robert Careless, Finance Director
+44 (0) 20 7404 5959
Andrew Fenwick; Pamela Small, Brunswick +44 (0) 20 7404 5959
Notes
On 20 August 2004, the Company announced that an employee had committed a fraud involving a series of unauthorised payments totalling £9.2 million. The Company’s fidelity insurance provider, AIG Europe (UK) Limited, having accepted the claim, agreed in February 2005 to pay £5.0 million to the Company, being the limit under its policy.