AIM Management Group, the Canadian operations of AIM Funds of Houston, announced that it has settled out of court a lawsuit it brought against a former employee, Derek Webb, and C.I. Fund Management of Toronto, according to a joint release from the companies. The terms of the settlement are confidential, the companies said.
AIM Management brought the suit against Webb and C.I. Fund Management when Webb left AIM for a position at C.I. Fund Management last June, according to Ivy McLemore, a spokesperson for AIM. Webb's employment contract with AIM contained a non-compete clause which required that he give a year's notice before leaving the company and that he take a year off before working for another fund firm, according to McLemore.
Webb resigned from AIM in June 2000 and began working at C.I. Fund Management shortly after that, according to Doug Cooper, a marketing representative at C.I. Fund Management. Webb managed four U.S. funds in addition to several Canadian funds while employed by AIM, according to McLemore.