The senior partner at City firm Rakisons has agreed to pay substantial damages to a former colleague he wrongly accused of bribery.
Anthony Wollenberg has settled a six-year libel action in the High Court brought by David Pooley, and has publicly apologised for allegations made about Pooley in 1993, when the two worked together.
Wollenberg was then chairman of index futures dealing company City Index and Pooley was administration director.
Wollenberg admitted wrongly telling Mishcon De Reya partner Simon Gallant that Pooley accepted a bribe to renew an advertising contract.
He told Gallant he had a transcript of a telephone conversation between Pooley and the advertising agency in which Pooley expressed thanks for a present.