// N Brown Group will pay £49.5 million to Allianz Insurance as it settles legal dispute
// The settlement has been made without admission of liability
JD Williams owner N Brown Group will pay its insurer Allianz Insurance £49.5 million in the settlement of a long-term legal case over payment protection insurance (PPI).
The settlement, which will be paid by the end of January, has been made without admission of liability.
However, the “full and final settlement” of £49.5 million is lower than the sums claimed by Allianz Insurance, which exceeded £70 million.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The dispute related to “significant amounts of redress”, equating to £27 million, paid to customers by JD Williams and the insurer.
N Brown said it has sufficient liquidity to meet the costs of the settlement and a provision of £25.5 million was included in its balance sheet.
In November, the group announced chief financial officer Rachel Izzard will step down from her role and a search for her successor is underway.
Click here to sign up to Retail Gazette‘s free daily email newsletter
