Dyson has dropped its lawsuit against former CEO Max Conze

Lucy White
Dyson and Jen Atkin Personal Appearance event at The Grove
Starting with vacuum cleaners, Dyson has now branched out into hairdryers, hand dryers and even cars (Source: Getty)

Dyson has settled a lawsuit against its former chief executive Max Conze, after a two-way battle which threatened to drag the secretive engineering giant through the courts.

Last month Dyson filed papers with the High Court alleging Conze, who led the company from 2011 until earlier this year, had leaked company secrets and used company resources to research his own investment opportunities.

Conze said he was planning to bring a claim against Dyson, though a spokesperson for the company said it had not yet been legally notified.

Read more: Dyson drama as engineering giant sues former chief executive

Faced with an altogether more public court battle, Dyson has settled the cases out of court – resulting in a payment of several million pounds to Conze, the Financial Times first reported earlier today.

A spokesperson for Dyson confirmed the case had been settled, but declined to comment further on the settlement.

Upon hearing about the allegations against him last month, Conze called them "ridiculous" and said Dyson was "merely trying to distract attention from the claims that Dyson know I am about to issue".

Read more: Sir James Dyson's firm gave out a £111m 2016 dividend as profits boomed

These claims relate to the nature of Conze's dismissal, City A.M. understands, and the fact he is no longer entitled to his significant long-term incentive plan (LTIP).

The claim bought by Dyson was also not preceded by a letter before action, City A.M. has learned, which is usually a formality before a claim is registered in the courts to give the parties one last chance to settle.

In September Dyson confirmed rumours it was planning to work on an electric car with plans to launch by 2020. Sir James Dyson, the company's founder, added the car will have "some driverless in it", and will be completely self-made.

Read more: Dyson promotes Jim Rowan to chief executive, succeeding Max Conze, amid electric car plans

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