Goodyer and Tower end legal battle
Former Tower Asset Management chief executive Derek Goodyer has settled a legal battle against his former employer, Tower.
Goodyer has been suing the company for uinfair dismissal in the Federal Court following his sudden exit from the group in April last year. He claims that he was wrongfully dismissed under his contract and claims Tower breached the Trade Practices Act. The terms of the settlement are being kept under wraps.
Goodyer headed the local investment management division of Tower from 1994 until leaving the group last April. He alleges Tower blamed him for the loss of several investment team members to Alliance Capital in March 2000 and, as a result, his position was no longer required because of a restructure merging the Australian and New Zealand investment divisions.
In March last year, four out of Tower’s seven Australian equity team members left the group for Alliance Capital.
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