(March 16 – 12:30 ET) – Standard Life Assurance Co. says it has reached an out-of-court settlement with Peter Hedges, a former employee against whom it had engaged legal proceedings.

The company says Hedges has admitted to his breach of duty to Standard Life and also agreed to remit a substantial amount of money to the company. The details of the settlement will remain confidential.

In his public statement, Hedges acknowledged that in his role as a member of Standard Life’s management team he did not follow internal instructions regarding the sharing of commissions with the broker of record. Hedges stated “receipt of commissions from brokers was totally contrary to the Company’s Code of Business Conduct. I was aware of this, having received written and verbal communications of this from Standard Life”.