By Michael Susin

N. Brown Group PLC said Monday that its subsidiary JD Williams & Company Limited has settled a legal dispute with Allianz Insurance PLC.

The U.K. clothing-and-footwear retailer said the retail subsidiary would pay the insurer 49.5 million pounds ($59.9 million), which is below the sum claimed by Allianz of above GBP70 million.

The dispute was related to redress paid to customers by JDW and the insurer in connection with certain historic insurance products, including payment-protection insurance, it said.

The company added that it has sufficient liquidity to meet the cash flow requirements of the settlement.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

January 09, 2023 02:58 ET (07:58 GMT)

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