Collins and Icap settle 'poaching' battle

MONEY brokers Collins Stewart Tullett and Icap have settled a bitter legal battle over staff poaching in the Far East. Collins Stewart, headed by chief executive Terry Smith, began suing its arch-rival, led by the City's richest self-made man Michael Spencer, in December, alleging Icap illegally poached 27 of its staff in Hong Kong and Singapore.

Icap said there had been a settlement but gave no details of its terms. Collins Stewart is thought to have sought damages of between £5m and £20m.

Collins obtained a temporary injunction last year, preventing Icap poaching more Asia staff, but the firm is thought to have wanted something more permanent.

Meanwhile, in a separate development, a spokesman for Collins Stewart said the broker was not ruling out acting as an arranger for a purchase and quick stock market flotation of the Financial Times via a so-called accelerated initial public offering.

This would not involve Collins Stewart buying the FT as 'principal', he added. Nothing would happen, however, until the conclusion of Collins Stewart's libel action against FT owner Pearson over an FT article.