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Alliance and Leicester settles with former chief executive

The much publicised dispute between Alliance and Leicester and ousted chief executive Peter White has been settled out of court.

The deal is allegedly worth £1.9m in straight cash, substantially more than the £1.05m originally offered by the bank and turned down by White.

White had initiated legal action, suing the company for unfair dismissal. It is thought by industry sources that the bank wanted to avoid a potentially embarrassing court case.

In addition to the cash, White had demanded to be allowed to retain the share options he had been granted while employed with Alliance and Leicester. The bank relented on this point too, upping his pension package to £586,000.

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  1. I was a senior manager with 21 years service with A & L. This White bastard issued an edict to get rid of people on their retained packages after one of his restructures and that he wouldn’t pay any redundancy money – we were to be squeezed out! And so we weree we were broken by our new overseers. Many seeking medical help others unable to carry on with life. This White character was the nasiest, meanest most ruthless bastard in any industry. He would have been ousted from the gistapo for cruetly – the lowest form of human scum to walk the earth – I hope he dies of something really nasty in agonies undescribable!!

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