JLT will pay about £22 million ($40.84 million) to settle a London lawsuit brought by rival broker Willis over the unauthorised recruitment of staff.

JLT says it has “reached a settlement and concluded litigation with Willis regarding certain employment-related disputes” around the fine arts, jewellery and specie team it hired last year.

“A provision of about £22 million will be charged as part of second-quarter results as a consequence of the settlement, relating to the settlement itself and associated costs, and is incremental to any previously raised litigation provisions,” it said.

“Terms of the settlement are final and confidential and the matter is now closed.”

JLT is also being sued in the US, after Aon accused a number of JLT employees of breaching two-year no-compete agreements after leaving the company.