RBG HOLDINGS has settled a case with its former chief executive for £500,000 after she sued for wrongful dismissal.

Nicola Foulston was the CEO of RBG Holdings, a listed law firm that incorporates the businesses of Rosenblatt and Memery Crystal, until she was ousted in January. She joined Rosenblatt in 2016 as chief executive of the City law firm, before she was appointed as head of the new entity RBG Holdings in 2018.

Foulston left at the start of the year as the board "lost confidence" in her "as a result of cultural concerns and the execution of the group's strategy".

It was later revealed in an Employment Tribunal case linked to the matter a month later that she was accused of making racist comments at a dinner party, according to press reports. Foulston has previously denied the allegation of racism. The case at the tribunal is ongoing.

RBG announced that it had settled with her and her management company Velocity Venture Capital Limited for £500,000.

As part of the settlement, all litigation has been dropped.

Foulston was contacted for comment.

(c) 2023 City A.M., source Newspaper