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Jupiter and Duffield reach deal on £90m IT

A last-ditch attempt by Jupiter and John Duffield to avert a court battle has succeeded, with both parties agreeing a settlement over the reconstruction of New Star Investment Trust.

The agreement splits NSIT into two funds and allows shareholders to choose between staying with NSIT or switching to Jupiter&#39s new Neptune unit trust. The deal was reached just days before the case was due to be heard in the High Court.

Legal proceedings were bought by Jupiter after it became embroiled in a dispute with Duffield over the costs of the restructuring, which was due to take place after New Star was awarded management of the £90m trust 18 months ago.

Jupiter will now pay the £450,000 costs of the restructuring if it is completed by October 15 and pay £175,000 towards Duffield&#39s legal costs, believed to total £1m.

Duffield says: “I am delighted Jupiter has finally accepted a reconstruction on the basis I first put forward over a year ago and before Jupiter commenced legal proceedings.”

Jupiter joint chief executive Jonathan Carey says: “Jupiter is pleased at this major step forward but will not be opening the Champagne until the reconstruction has gone through.”

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