Mike Ashley settles legal battle with Morgan Stanley following 'snobbery' claims - Retail Gazette
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Frasers Group founder Mike Ashley has settled his legal battle with Morgan Stanley after he claimed "snobbery" was behind a $1bn cash demand which threatened to destabilise his empire. Ashley and the investment bank have reached a settlement following hearings in February, which means no judgement will be passed by the High Court. The settlement terms remain confidential after a costly trial for both parties. During closing arguments at the High Court, Frasers said Morgan Stanley's witnesses confirmed its internal risk controls had been ineffective. The investment bank's feud with Ashley was based on a call for $1bn cash collateral to pay for the risk from the executive's trades on the share price of Hugo Boss stock back in 2021. Sign up here to get the latest news straight into your inbox each morning The billionaire claimed damages of roughly £40m for the alleged attempt to make Frasers withdraw its positons in the fashion company. Morgan Stanley issued a margin call, requiring the retail giant to deposit further money to fund a potential 400% move in the Hugo Boss' share price. Ashley claimed the decision was "arbitrary" and that the cash sum was "completely unbelievable" and disproportionate to the risks faced by the investment bank. A Morgan Stanley spokesman said: "Frasers Group plc and Mr Michael Ashley have both withdrawn their claims against Morgan Stanley on terms which do not involve any payment of monies by any party to any other. "Frasers, Mr Ashley and Morgan Stanley confirm that the disputes between them are therefore resolved." Click here to sign up to Retail Gazette's free daily email newsletterSubscribe to Retail Gazette for free