Sydney broker Savill Hicks Corp has settled its legal action against fellow broker Irecon Insurance Services.

In March last year Savill Hicks lodged a claim for damages relating to an allegation of breach of contract against Irecon and its founders, Richard Ireland and Lesley Connolly.

The claim involved the alleged breach of restraint of trade and confidential information provisions contained in the employment deeds of Mr Ireland and Ms Connolly, and relate to the period when they left Savill Hicks to establish Irecon.

Savill Hicks director Stefan Hicks told insuranceNEWS.com.au the dispute was settled when Mr Ireland and Ms Connolly, “without admission, paid an undisclosed sum to Savill Hicks”.

Mr Hicks says he is “satisfied” with the outcome of the proceedings.

“All employers in our industry have the right to seek to protect their business from any damage arising from any employee who leaves to set up their own business in circumstances where they are in breach of their own employment contracts,” he said.