Mayo settles pension claim lawsuit

The payment is understood to be half of the original £1.6m that Mayo sought in his claim put in last November the day after the Accountancy Age Awards for Excellence , in which he was a judge.

The settlement is a top-up payment in addition to the £1m severance pay which Mayo took in full when he left Marconi in July 2001 after a massive profits warning which led to the company's financial crisis.