Sean Collidge has lost his claim against European factory outlet developer Freeport and has been ordered to pay costs.
Collidge, the former executive chairman of the troubled developer had brought a claim last June for more than £1m against Freeport for lost benefits. He claimed the sum was due to him under a compromise agreement signed in connection with his resignation on 31st March 2006 as director and executive chairman of the company.
Freeport said it considered that Collidge was breach of warranties contained in that compromise agreement, relating to his conduct while a director and also issued a counterclaim against Mr Collidge.
The claim and counterclaim were heard in the High Court in London in a trial that lasted nine days between 1 and 15 May with the judgment being handed down today. Collidge’s claim was entirely dismissed and an order for costs was made in Freeport’s favour on an indemnity basis with an immediate interim payment of costs.
Collidge’s requested leave to appeal against the judgement at today’s hearing but the application was rejected.
In a statement released by Freeport it said the court will be making further orders in order to determine the amount of Freeport's counterclaim to be paid by Collidge.