Lawyers seek to settle Saatchi row
Monday 22 May 1995
According to a spokesman for Mr Saatchi: "There have been several attempts to come to an agreement, and these will continue right up to the very end."
The two sides are due in court early next month to settle charges of breach of contract against three former Saatchi & Saatchi executives, David Kershaw, Jeremy Sinclair and Bill Muirhead. They have signalled that they will join a rival firm established by Mr Saatchi following his ouster from Cordiant late last year.
Maurice Saatchi and his brother Charles are also being sued. Cordiant has withheld bonuses from the executives until a settlement is reached.
"There's no doubt it is in the best interests of both sides to secure a settlement," the spokesman said. "Neither side wants this to drag out just to make the lawyers rich."
He added: "No judge is going to say [the three executives] have to wait up to three years before they join a competing agency. But then again, nor will a judge dismiss the contractual obligations."
Until the legal issues are resolved, the three defectors are able to take only "preparatory steps" towards joining the new agency.
Since the beginning of the year, New Saatchi, as the rival is temporarily called, has wrested several high-profile accounts away from Cordiant, most recently British Airways.
Insiders at Cordiant believe the damage is now done, and want an end to the adverse publicity.
Any settlement would be likely to include clauses preventing New Saatchi from soliciting business from Cordiant clients or poaching Cordiant staff.
Several Cordiant account executives have already joined New Saatchi, which now has about 80 staff in place. They are working on three accounts - Mirror Group, Gallaher, the maker of Silk Cut cigarettes, and Dixons, the high street electronics retailer - that New Saatchi took from Cordiant since the beginning of the year.
Meanwhile, no formal suit has yet been launched by Cordiant to share in the proceeds of a controversial stock-option deal involving Adidas, the footwear manufacturer. It is believed the transaction could be worth $40m. Cordiant argues it is a reward for work done for the agency and does not belong to the Saatchi brothers.
- 1 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 2 Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
- 3 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 4 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
- 5 Kenya bus attack: Al-Shabaab militants kill 28 non-Muslims who failed to recite Koran
Ryan Gosling granted temporary restraining order against a woman 'convinced she was his twin flame'
Jennifer Lawrence sings in new The Hunger Games: Mockingjay Pt 1 clip on YouTube
Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
Woman opens professional cuddling shop – gets 10,000 customers in first week
Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Revealed: How the world gets rich – from privatising British public services
Myleene Klass: Ed Miliband 'strikes back' by comparing UK's need for Labour's mansion tax to Hear'Say track
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...