MediaBuyerPlanner: Frank Lowe, the former IPG chairman who came out of retirement in a highly publicized move to launch a new agency – taking several of IPG’s top executives with him – has reached a settlement with IPG, the holding company confirmed on Friday. Lowe retired from IPG agency Lowe London, which he founded in 1981, in 2003.
Lowe has dropped his suit, and IPG has withdrawn its claim, according to Adweek. Sources say the settlement does not involve an exchange of money.
IPG filed a claim against Lowe a month after the executive returned to the business from retirement to open his own agency, The Red Brick Road. The new agency’s first client was Tesco, which shifted its $80 million account out of IPG’s Lowe to The Red Brick Road.
IPG filed a claim with the American Arbitration Association saying Lowe used proprietary information to “destabilize” his ex-agency. Lowe countersued in the Supreme Court in New York, claiming IPG defamed him via “false and injurious statements.”
A top executive who worked on the Tesco account for Lowe, executive Paul Weinberger,? left Lowe London to join Frank Lowe at his new agency. Two others who worked on the Tesco account for Lowe London – senior copywriter Sam Cartmell and senior art director Jason Lawes – also resigned to join Lowe’s new agency.
Related stories:
- Lowe Confirms Lace’s Suspension
- Lowe Names Agency ‘Red Brick Road’
- Ed Morris to Remain at Lowe
- Frank Lowe Refutes Allegations, Seeks Apology from IPG
- Tesco to Go with Frank Lowe
- Frank Lowe Launches New Agency
