How much money did NCB really pay Patrick Hylton and Dennis Cohen?

After four months of intense negotiations, NCB Financial Group has finally reached a settlement with its former CEO Patrick Hylton and Deputy CEO, Dennis Cohen. 

The Observer’s Dashan Hendricks wrote a really great article to wrap up the saga that started back in August. I encourage you guys to read it, but here are the key points.

Hylton and Cohen received about half of the $13.8 billion settlement that they were initially after. Remember both men served NCB for two decades.  In 2021 they gave up shares in the company that were valued at that amount. 

Hylton reportedly received approximately 60% of the $6-$7 billion settlement, while Cohen walked away with the other 40%.

The settlement was reportedly a mixture of cash and NCB shares. 

And it looks like the whole debacle is water under the bridge between Hylton, Cohen and their former boss Michael Lee-Chin.

Hylton told the Observer that an important skill in business is learning how to disagree without being disagreeable. And it was all laughter and smiles so I guess everybody’s happy.

I mean I’d be happy too. $7 billion is still a lot of money. That’s US$45 million- ‘you never have to work again’ money. Plus a part of the settlement was reportedly shares in NCB and the company is finally paying dividends again, so that’s potentially millions more in passive income.

And that’s the bottom line.