Ousted Ford Motor Co. executive Martin Leach is on the brink of settling his lawsuit against his former employer. Details of a settlement agreement should be completed early this week, a source close to Leach says.
The Detroit News reported that Leach agreed to settle with Ford for a payment of $2.1 million. Leach had been seeking $40.4 million.
Leach, the former head of Ford's European operations, sued the automaker in late 2003. He claimed Ford blocked him from accepting a lucrative post as CEO of Fiat Auto after firing him. Ford says Leach quit and had to comply with a noncompete clause in his contract. A U.S. district judge agreed with Leach last year, clearing the way for Leach's appointment to run Maserati. Leach left Maserati in February.