BT said the £225m payout represented a “full and final settlement in respect of these issues”. He added that there were still a “small number” of class action suits related to the accounting scandal lodged by investors in the US. The ongoing fallout of the Italian accounting scandal has resulted in Patterson’s pay for last year being slashed by £4m, and prompted a restructure with the axing of 4,000 jobs, about half in the UK. Stripping out the impact of the one-off £225m payment, BT’s adjusted profits still fell by 2% to £1.78bn in its first quarter. As a result the BT Consumer chief executive John Petter, a 13-year BT veteran, is to leave the company.

Source: The Guardian July 28, 2017 06:49 UTC