Peter Bunting, chairman of DB&G, says settlement would not have a material impact on DB&G's financial results. - File

Investment bankers Dehring, Bunting and Golding (DB&G) has settled the 20-month-old lawsuit which its former top executive, Mark Walters, brought against them in a claim on the company's profits.

On Wednesday, the financial house informed the Jamaica Stock Exchange that both parties had "amicably settled all disputes between them and are discontinuing the litigation". In an obvious move to reassure DB&G's shareholders and customers, the company's chairman and CEO, Peter Bunting, said the settlement would not affect DB&G's financial results.

It is not clear whether the settlement involves an outright cash payment or the transfer of stocks - or a combination of both - since the details are unknown.

Bitter dispute

The settlement brings to closure a bitter dispute between the parties.

Walters joined DB&G in December 1997 as senior manager of treasury and asset management before being promoted to assistant vice-president, and then in mid-2002 to vice-president, a position he held until his resignation in May 2004.

Last January, Walters filed a claim in the Supreme Court for $750 million representing what he said was profit share due to him during his period of employment at Dehring, Bunting and Golding. DB&G, for its part, countered that Walters' termination agreement "included a substantial ex gratia termination payment, which took into account all his emoluments, including profit share."

Three months after leaving DB&G, Walters joined Mayberry Investments Limited as business development manager. But his tenure there was short-lived. Some 78 days after joining Mayberry, Walters departed the brokerage for M/VL Stockbrokers Limited where he was appointed vice-president for marketing development.