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Tycoon tries to cut £48m divorce settlement

Tycoon tries to cut £48m divorce settlement

A millionaire who paid £48 million to his wife when they divorced is to try and halve the settlement in the High Court.

Beverley Charman, wife of insurance underwriter John Charman, was awarded the money - the UK's biggest ever settlement - when the couple divorced last year.

However, Mr Charman, 54, is claming that his wife should only have been paid the £20 million that he had initially offered her and that the not "insignificant sum" would provide for her needs amply.

Mr Charman also argued that because his wife had given up work soon after they married leaving him as the breadwinner, the divorce settlement should reflect this.

Justice Coleridge rejected Charman's claim and notion of womanhood as antiquated and awarded 37 per cent of the couple's net worth.

Commenting on the judge's decision Mr Charman said:" The decision was fundamentally flawed because it failed to have proper regard for the contribution I made by being the only one to create the wealth. My ex-wife's contribution was minimal."

Mr Charman is the proprietor of Bermuda-based insurance company Axis, which is estimated to be worth £3 billion.