Virgin Group founder Richard Branson says a $300 million lawsuit filed against the company by a former cruise line executive has no merit.
London-based Virgin released its statement Thursday, one day after former Norwegian Cruise Line CEO Colin Veitch accused the company and Branson in the lawsuit of stealing his ideas and business plan for a new Virgin cruise company. Virgin announced in December it will start a cruise line.
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Virgin says it has been talking with many different entities about the cruise business since the 1970s.
Veitch's lawsuit contends Virgin reneged on a May 2011 agreement with him over how estimated profits would be split. Veitch would get nothing if two 4,200-passenger "ultra" ships were not profitable but could earn $315 million if projections were met.