A leading member of the chart-topping pop group Depeche Mode and his record company boss have accepted a massive, undisclosed payout from Levy Gee following allegations the firm mishandled investments in Lloyds of London.
Keyboard player Andy Fletcher and Daniel Miller, chief executive of Mute Records, alleged the Group A firm was in breach of duties to its clients including fiduciary duties and was grossly negligent in its handling of their investments.
A final judgment in the case was expected as we went to press, but was delayed after the two sides failed to agree costs in the case. The dispute over costs arose after they agreed undisclosed damages, estimated to be at least z100,000.
Fletcher, one of the songwriting team that gave Depeche Mode a string of Top 10 hits and an international following, alleged Levy Gee advised him to invest in a prominent Lloyds of London syndicate which was allged to be closely associated with the firm and suffered severe losses during the early 1990s.
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