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.
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".
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.