Fyffes gets €37.6m in DCC settlement

Friday 30 January 2009 11.26
High Court - Fyffes-DCC case settled
High Court - Fyffes-DCC case settled

Fyffes said today that it has settled its legal action against DCC, S&L Investments, Jim Flavin and Lotus Green.

The company said that under the terms of the settlement in the marathon case, Fyffes will receive €37.6m.

In a separate announcement, DCC said that the total amount payable to Fyffes and the counterparties in the case - including interests and costs - is €41m.

The company said this is in line with its estimate when it made an exceptional charge of €50m for these claims.

In July, the Supreme Court found that DCC had inside information on Fyffes when it sold its stake in the fruit and vegetable distributor for €106m in early 2000. The court overturned a High Court decision that it did not.

Shares in Fyffes were unchanged at 88 cent in Dublin, while DCC fell 65 cent to close at €14.25.