Fundsmith founder Terry Smith has reached a settlement in his dispute with Barclays, whereby he argued the bank cost him £220,000 in lost investment returns by taking almost three years to make a money transfer.
The dispute was set to go to trial today, but an out of court settlement has been reached.
Smith says he asked Barclays in September 2012 to transfer £330,000 from his company Aethelflaed Investments that he intended to use to invest in the Fundsmith fund.
Smith said he tried to email and telephone the bank to transfer the money but was told he had to go into the Hounslow branch to make the transfer.
Smith calculated the difference in the unit price of the fund between September 2012 and July 2015 when he bought the fund, in which time it had risen by 166 per cent.
A Barclays spokesperson says: “This matter has been settled on terms confidential to both parties.”
A spokesperson for Smith refused to comment on the settlement.