A statement from international insurance broking groups Hyperion and JLT announced today that the pair have reached a settlement following a legal process which centred on the hiring of 47 staff from JLT Specialty to Hyperion.
JLT started legal proceedings in the summer of last year after the broker accused Hyperion of coordinating the resignation of 47 employees, all of which joined Hyperion just months after JLT’s acquisition by Marsh & McLennan.
JLT filed a lawsuit claiming that Hyperion coordinated the resignation of these employees in order to gain clients or force the sale of specific JLT Specialty units.
In an announcement today, it’s been revealed that a settlement has been reached between the two companies.
“JLT and Hyperion have reached a confidential settlement of the lawsuit initiated by JLT in relation to those employees from JLT who have left to join Hyperion.
“As part of the settlement, the parties have agreed that the relevant employees will continue to be bound by their obligations to JLT, including their notice periods and post-termination restrictive covenants,” said Hyperion in a statement.
