Almost £50m is to be paid by fashion brand JD Williams to settle a claim from Allianz Insurance.
The deal, which has been agreed without the admission of liability, comes after a claim was first made in January 2020. It related to "significant amounts of redress" paid to customers by JD Williams and the insurer "in respect of certain historic insurance products", including payment protection insurance.
As a result of the settlement deal the label, which is owned by Manchester-headquartered N Brown, is to hand over £49.5m. The "full and final settlement" is lower than the sums claimed by Allianz Insurance, which had exceeded £70m.
