Retail tycoon Mike Ashley has dropped his £50m lawsuit against US bank Morgan Stanley, after nearly three months since the London trial concluded.
The legal proceedings were issued by his brand, Frasers Group in relation to shares in Hugo Boss. He claimed the US bank used “unlawful means” to close out bets on Hugo Boss stock, which resulted in his company losing around £50m.
The parties went to the London High Court in February, where it was widely reported that Ashley accused the US bank of “snobbery”. The trial lasted for around three weeks with legal teams made up of law firm RPC’s partner Simon Hart on for Ashley and the US bank had its Canary Wharf neighbour, Clifford Chance’s partner Helen Carty.
The high profile case even saw Ashley lodge legal filings in New York to compel the bank’s chief executive James Gorden to hand over documents and a testimony in London.
However, it was revealed on Friday that Ashley and Fraser Group had withdrawn their claims against Morgan Stanley. According to a spokesperson for the bank, the terms of this agreement do not involve any payment of monies by any party to any other.
“Frasers, Ashley and Morgan Stanley confirm that the disputes between them are therefore resolved,” the spokesperson added.
Frasers Group and Ashley have yet to offer any statement on this matter.
The judge who heard the case, Mr Justice Bryan, was currently working on his judgment, however, it is understood that the withdrawal means no ruling will be published.
Elsewhere, Ashley’s Sports Direct bid to have Newcastle United sell its 2024/25 season kit in its stores failed at the Competition Appeal Tribunal last month.
Sports Direct, part of the Frasers Group, filed a claim last month to the Tribunal in March stating that Newcastle United refused to supply its replica kit for the upcoming season. But the Tribunal refused its interim injunctive relief application.