The long-running lawsuit over the sale of Fraser Morrison’s construction business to Anglian Water firm AWG was settled today.
AWG had put in a claim for £130m (€190m), alleging that Morrison and Morrison Construction’s former chief operating officer, Stephen McBrierty, inflated the true value of the Edinburgh-based business when it was sold to the utility for £263 (€385m) in 2000.
But AWG, Sir Fraser and Mr McBrierty today said the lawsuit had been terminated and claims of misrepresentation withdrawn “on mutually agreed terms which will remain confidential”.
AWG chief executive Jonson Cox said the agreement followed discussions with Morrison and “an acceptable settlement proposition”.
Morrison said that he was “delighted” the matter had been resolved “to our mutual satisfaction”.