John Charman

London, England: (May-24-07) A British court upheld a £48 million ($94.7 million) divorce settlement for the former wife of an insurance tycoon, John Charman, head of the Axa Insurance Group, making the case one of the largest payoffs in the country's history. Charman claimed that the award, which was ordered by a lower court for Beverley Charman, his wife of 29 years, was grotesque and unfair. The Charmans were married for 29 years before their divorce in 2006 and have two adult children. The settlement, when broken down, includes Charman, 54, having to pay a 40 million pound ($78.9 million) lump sum to his former wife Beverley. The settlement also includes 8 million pounds in assets already in her name. The judge said the total amount was just under 37% of John Charman's assets. The Court of Appeal's ruling will be closely studied for guidance in other big cases, including former Beatle Paul McCartney's split with his second wife, Heather Mills McCartney. [CNN: DIVORCE SETTLEMENT]

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Published on May-26-07