News - Uk
The fund management industry has been avidly following every twist and turn of the Patrick Evershed versus New Star fight over recent weeks.
Now, Evershed and New Star have agreed a confidential settlement, bringing to an end the former fund manager's claim for unfair dismissal.
Evershed had been seeking more than £1m in compensation from his former employer, claiming he was bullied by the firm's founder John Duffield.
The parties said in a statement: "New Star Asset Management holdings (now owned by Henderson Group plc) and Patrick Evershed have reached an agreement which resolves the employment tribunal proceedings without admission of liability.
"Both parties are satisfied with the terms of the agreement and have agreed to keep them confidential."
Here we look back at some of the defining moments of the battle which kept our readers engrossed as the industry heavyweights squared up...
Before proceedings began, Investment Week revealed New Star founder John Duffield would not be appearing in court.
The trial kicked off on 7 November with Evershed opening the proceedings claiming Duffield bullied him prior to his dismissal back in late 2008.
Evershed claimed Duffield humiliated New Star staff including withdrawing an offer of sweets from managers having a bad period of performance.
He claimed Duffield's treatment lead up to 20 staff to be signed off because of stress.
Evershed also alleged investors in New Star's Property fund lost millions of pounds after the group continued to advertise the fund despite warnings from its property team that prices were over-inflated.
New Star's lawyer hit back at the fund manager's claims, saying Evershed was "not afraid to exaggerate".
It was alleged Evershed lost his cool on one of his last days at New Star, criticising the firm's CIO for preventing him topping up a position in HBOS.
Former New Star head of fixed income, Theo Zemek, gave evidence on behalf of Evershed, describing the atmosphere at New Star as like something out of a Hitchcock film.
Giving evidence on behalf of New Star, three former colleagues including joint CIO Gregor Logan denied claims by Evershed that Duffield was a bully.
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Hey - What about Us??
Well that's wonderful to know that Patrick Evershed has received a settlement. But wait a minute - what about me and my friends and thousands of others who have lost tens of thousands of pounds in Mr Evershed's funds. I read during the case that, John Duffield, the owner of New Star deliberately withdrew his own monies from the funds to cause losses. Isn't this a fraud on the investors? He was clearly not acting in our best interests. We put alot of money into these funds, the value of which has halved over the years. Surely there is some recompense available to us? Can anybody advise please?
Posted by: Carole Gilby
08 Dec 2011 | 13:23
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