WPP and PEP resolve dispute
Joint PEP/WPP statement: WPP and PEP have resolved the dispute between them arising from the sale of the remaining shares in The Communications Group (TCG) to WPP in 2005. The dispute related to agreements under which PEP made payments to two TCG employees that were conditional on the employees not resigning for 12 months after the sale. PEP accepts that WPP and its representatives including Mr Hamish McLennan were not aware of the agreements. PEP maintains that it acted in good faith and on the basis of Clayton Utz's legal advice that the agreements did not need to be disclosed to WPP.
But according to Sir Martin Sorrell, this may not be the last of the
issue: Says Sorrell: "Delighted to see that Tim Sims practices what he
preaches. It was a classy decision by him and Heraghty and McGrath to
settle our claim and issue an unreserved apology vindicating Hamish
McLennan and his colleagues completely - although the implementation of
their decision was not as good as it could have been, involving a
breach of the settlement agreement they had only recently executed.
Unfortunately this is not the last that you will hear of this issue."
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