A claim by a developer against Carey Group that it was overcharged £2.4m for demolition work has been withdrawn after both sides reached a settlement.

Hong Kong based developer Circadian Limited launched the action in March claiming it was overcharged for demolition work caught up in the industry’s bid rigging scandal.

Carey owned Scudder was one of ten firms fined a total of nearly £60m in 2023 for illegally colluding to rig bids for demolition and asbestos removal contracts.

Circadian’s claim focused on demolition work in 2014 at its scheme to redevelop Lots Road Power Station in west London.

A claim under the Competition Act lodged at the Competition Appeal Tribunal (CAT) said “the Cartel Arrangements caused the price of construction services to be higher than they would otherwise have been.”

But an update lodged at the CAT this week stated an application has been made to withdraw the claim following a confidential settlement between both parties.