PETER Cruddas, the majority shareholder of spread-betting group CMC Markets and a former Conservative party treasurer, is set to appear in the High Court tomorrow to proceed with a defamation claim against the political lobbyist Mark Adams.
Sources said that a meeting aimed at reaching a settlement in the case failed yesterday, with Adams unable to make an acceptable offer. The meeting was attended by Adams and a lawyer for Cruddas, Jeremy Clarke-Williams of Slater & Gordon.
Cruddas resigned as Conservative party treasurer in March last year after it was alleged he had welcomed the offer of a donation to the party from a company based overseas, a claim he denies. Adams was the original source of the allegations.
Cruddas has since alleged that Adams has caused him distress, anger and annoyance through a series of references on his blog and on Twitter. Adams is defending himself in the action.
Last week City A.M. revealed that Cruddas has recently regained the position of chief executive at CMC Markets, where he is the principal shareholder.