Australian lawsuit involving billionaire WiseTech CEO is settled

SYDNEY (Reuters) – A legal battle between the Australian CEO of logistics software maker WiseTech and a woman reported by local media to be his former lover has been settled, a court filing showed, ending a saga which has punished the company’s share price.

Richard White, who is also the founder and biggest shareholder of WiseTech was being sued by wellness entrepreneur Linda Rogan who was fighting efforts to declare her bankrupt.

The ensuing lawsuit resulted in a host of personal allegations being reported by Australian media involving White, who is worth A$10 billion ($6.7 billion) and is Australia’s 11th richest person according to the Australian Financial Review, as well as a one-fifth decline in WiseTech shares this month.

On Monday, WiseTech said its board was looking into the media reports about White. Later that day, Rogan’s lawsuit had been withdrawn and the case was listed as “finalised”, according to the federal court website.

A spokesperson for WiseTech was not immediately available for comment, while lawyers for White and Rogan also were not immediately available for comment.

Shares of WiseTech were trading 3.5% higher by midafternoon, against a weaker overall market.

($1 = 1.4981 Australian dollars)