The out-of-court settlement will see Miles and Morrison, former CEO and international managing director of Cordiant-owned Financial Dynamics respectively, remain on gardening leave and continue to receive pay until September 23.
Cordiant will pay no damages and the sacked pair have withdrawn allegations made against Cordiant.
The £5m suit claimed breach of contract and unfair dismissal. The two had also claimed loss of income and various options, including shares, as a result of their dismissal.
In the wake of Miles and Morrison departing, Cordiant has announced plans to consolidate its international PR operations and plans to introduce a new brand. Charles Watson, currently chief executive of Financial Dynamics, has been appointed as CEO of the yet-to-be-named operation.
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