N Brown, best known for its JD Williams and Simply Be brands, has reached a settlement over its protracted legal dispute with Allianz, the insurer behind its payment protection policies.
The dispute came about two years ago when Allianz sued the home shopping business after having to pay out £27m to customers who had been mis-sold payment protection insurance. N Brown has, as have other home shopping businesses, long operated its own highly profitable credit offering for customers.
The two parties have now reached agreement that N Brown will pay £49.5 million rather than the £70m that Allianz had originally claimed. N Brown had already set aside £25.5m, but says that it is in a position to make full and final payment to Allianz this month.
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