Cordiant trapped in legal tug of war with former execs

LONDON: Cordiant - already hurt by financial woes that led it to renegotiate its bank loans - has now become a legal combatant.

LONDON: Cordiant - already hurt by financial woes that led it to renegotiate its bank loans - has now become a legal combatant.

The holding company has taken former Financial Dynamics (FD) chairman Nick Miles and former MD Hugh Morrison to court to stop them from setting up what the company says would be a competing business. Meanwhile, Miles and Morrison, who were dismissed in January, are planning their own legal action against their former employer, seeking damages for loss of salary, bonuses, shares and options, and perhaps even challenging the non-compete clause evoked by Cordiant in its own lawsuit.

Cordiant's case will not be heard until mid-April, at the earliest.

Cordiant's shares, over $5.67 two years ago, are now settling around $1.15, which has prompted rumors of a potential takeover bid from Havas.

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