The Virgin Group has settled a lawsuit filed by former partner Colin Veitch over claims he was cut out of a lucrative deal.
Former Norwegian Cruise Line CEO Veitch said he drew up a complete business plan for a cruise line on behalf of Virgin, including securing finance with an investment bank.
Veitch also claimed he had brokered a deal with a shipyard to build two ships and had a management team in place.
He said he was then cut out of the deal for a share of potential profits.
The lawsuit, filed in March 2015, was described as ‘without merit’ by Virgin but the two parties have now reached a settlement.
The claim was settled this week for an undisclosed sum.
"Virgin and Virgin Cruises thank Mr. Veitch for his contribution during the early phases of the project, given his long record of innovation and industry insight. They wish him well for his future endeavours," Virgin said in a statement.
