The World: New York - Interpublic and Sir Frank Lowe bury the hatchet

Interpublic and Sir Frank Lowe (pictured) have settled their protracted legal dispute out of court.

IPG this week announced it had withdrawn its statement of claim before the American Arbitration Association. The claim accused Sir Frank of using his knowledge of his former agency, Lowe, to destabilise the IPG-owned operation.

Sir Frank has withdrawn his civil lawsuit at the New York State Supreme Court alleging that IPG had made "defamatory, false and injurious statements".

The legal tussle followed moves by Sir Frank and other senior admen to set up The Red Brick Road, which snatched the £45 million Tesco account from IPG's Lowe London.