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The High Court dismissed proceedings brought by the plaintiffs, who sought to either rectify or rescind a settlement agreement arising out of a long-running dispute between two brothers regarding control and remuneration entitlements in two family-owned companies. The plaintiffs argued that a fundamental mistake (either mutual or unilateral) occurred during the negotiation and signing of the agreement, claiming it should not have compromised one brother's right to significant remuneration provided by prior company resolutions. The court found that the settlement was clear and objectively intended to resolve all claims and disputes between the parties, including those remuneration entitlements, and that there was no sufficient ambiguity or evidence of mistake to vitiate or adjust the contract. Further, no fundamental breach of the settlement by the defendants was established. The court therefore refused all reliefs sought and dismissed the proceedings.
settlement agreement – rectification – rescission – mutual mistake – unilateral mistake – company dispute – remuneration entitlements – family business – breach of contract – commercial litigation – Commercial Court – plaintiff relief refused – interpretation of settlement – finality of settlement – Costs
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