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Dallas-based Westwood Holdings Group Inc. has paid AGF Management Ltd. of Toronto $10 million to settle a legal dispute stemming from the 2012 departure of mutual fund manager Patricia Perez-Coutts.

The dispute arose from “the simultaneous resignations of Ms. Perez-Coutts and four other employees of AGF in 2012, who left to join Westwood,” AGF says in an announcement published on Friday.

According to a regulatory filing, Westwood paid AGF $10 million to resolve the dispute, although neither side admitted any liability, nor did they admit any of the allegations made in the lawsuits.

“Blake Goldring, chairman and CEO of AGF, and Brian Casey, CEO of Westwood, both believe the resolution is fair and reasonable and in the best interests of their companies and shareholders. They are pleased to put these matters behind them,” the firms say in a joint statement.

“The settlement does not materially impact the operations of either party and is not anticipated to affect their clients,” the firms add.

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