Financier's bid to cut divorce payout fails

Appeal judges in Britain have rejected a financier's bid to trim his divorce settlement because of losses in the economic crisis.

Brian Myerson argued that his wife would end up with all of his assets because of the fall in their value since the settlement was agreed a year ago.

The Court of Appeal today dismissed the case. The judges said the natural fluctuation of prices was not a sufficient reason to revise a settlement.

Myerson's lawyers say they will seek to appeal to the House of Lords.

Myerson had agreed to pay his wife £9.5m over four years and gave her a house in South Africa worth £1.5m. The total represented 43 per cent of his assets a year ago.