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Morrison and AWG agree after four years

THE FOUR-YEAR dispute between Sir Fraser Morrison and the buyers of the construction business he used to run was settled this week.

Utility AWG bought Morrison Construction for £263 million in September 2000. But 18 months later it served a £130 million writ on Sir Fraser and Morrison's former group operations director Stephen McBrierty, saying the pair had inflated the true value of the company.

The High Court case was finally due to start next week.

Sir Fraser and his brother Gordon, who was not being sued, both pocketed £57 million from the sale.

But on Monday all three parties said the lawsuit had been terminated and allegations of misrepresentation withdrawn 'on mutually agreed terms which will remain confidential'.

AWG claimed Morrison's £30.5 million profits forecast for the year to March 2001 actually turned into a £46.4 million loss after the sale.