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LONDON — Russian billionaire Farkhad Akhmedov and his former wife Tatiana Akhmedova reached a settlement on Friday after years of legal wrangling over a record 454-million pound ($625 million) divorce award made by London’s High Court in 2016.
The dispute led to an unsuccessful attempt by Akhemdova to seize a 115-meter (377-foot) superyacht owned by her former husband through courts in Dubai, as well as a separate court order for her son Temur to pay her more than 70-million pounds from family assets.
The terms of Friday’s settlement are confidential and how much money Akhmedova will now receive is unclear.
“This was never about a figure but a husband honoring his commitment to his family,” a spokesperson for Akhmedova said, rejecting a claim from a spokesperson for her former husband that she would have been better off not pursuing the legal action.
The Times newspaper said Akhmedova would receive around 150-million pounds, which would also have to cover her legal costs.
Akhmedova’s legal action was funded through a specialist financing company, Burford Capital, which said it would receive approximately $103 million for its efforts to enforce the 454-million pound judgment.
Burford said the settlement would boost its operating profit this year by around $20 million.
“In aggregate, Burford expects the matter to have generated more than $70 million of realized gain over the life of the investment,” it said in a statement .
British judge Gwynneth Knowles, in her ruling against Akhmedova’s son Temur in April, said: “The Akhmedov family is one of the unhappiest ever to have appeared in my courtroom.”