‘Financial Times’ Settles Libel Case for $531K Plus Apology

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(AP) Brokerage firm Collins Stewart and the Financial Times settled a libel case out of court on Tuesday, after the newspaper agreed to pay 300,000 pounds ($531,000) in damages and issue an apology.

The firm sued the newspaper following a series of articles in August 2003 that described allegations of insider dealing made by a former employee.

Britain’s Financial Services Authority, which regulates the finance sector, conducted an investigation and decided to take no action against the firm.

“After 2 1/2-years of litigation, this agreement enables both sides to put this matter behind us and move on,” Lionel Barber, editor of the Financial Times, said in a statement.

The Financial Times said it agreed to publish an apology in British editions of its newspaper and on its Web site.

The FT is owned by the British media company Pearson PLC.

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