The former CEO of Norwegian Cruise Line agreed to drop his breach-of-contract lawsuit against the Virgin Group over a business plan for "Ultra Ships."
Colin Veitch claimed in his March 2015 lawsuit that Virgin went back on an agreement to partner with him after he left Norwegian in 2008 on the development of two large, amenity-laden ships with higher ticket prices.
Once the parties agreed on a structure that would allow Veitch to make $315 million on the deal, Virgin reduced his role to that of "an employee - indeed an indentured servant," according to the lawsuit filed in Miami federal court. The lawsuit assigned to U.S. Chief Judge K. Michael Moore in Miami settled Jan. 26 for an undisclosed amount.
Virgin's Virgin Cruises plans to start operating three ships by 2022.
Veitch was represented by Jeffrey Gutchess, Daniel Tropin, Brandon Rose and Anthony Narula of Bilzin Sumberg Baena Price & Axelrod in Miami.
Virgin was represented by Janet Munn of Rasco Klock Perez & Nieto in Coral Gables; Quinn Emanuel Urquhart & Sullivan attorneys Claude Stern, Evette Pennypacker in Redwood Shores, California, and Marc Greenwald in New York; and Dale Cendali, Joseph Loy, Johanna Schmitt, Daniel Bond and Phillip Hill of Kirkland & Ellis in New York.
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