(February 19 – 08:10 ET) – AIM Management Group Inc. and C.I. Fund Management Inc. and Derek Webb of Webb Capital Management have been negotiated a successful settlement to resolve the claims asserted by AIM Management Group Inc.

“We are pleased to see this matter ended without the need for further court action,” says Robert H. Graham, president and CEO of AIM Management Group Inc.

The legal battle between star fund manager Derek Webb and his former employer, AIM Management Group Inc. was first launched after Webb revealed that he was quitting AIM to join Toronto’s C.I. Fund Management Inc.

AIM alleged that C.I. and Webb conspired to have him resign without a year’s notice, hold on to confidential information, solicit other AIM employees to join the exodus, breach his fiduciary duty to AIM and keep some AIM property. It accused both Webb and C.I. “premeditated, malicious [acts] calculated to harm AIM.”

The parties issued a joint press release, announcing the settlement, late Friday, stating that they have agreed to keep terms confidential.
-IE Staff