Former Education Minister, Ruel Reid has been paid $3.3 million in an out-of-court settlement with the Jamaica College Trust.

This after Reid filed a lawsuit last year against the Trust and the Jamaica College Foundation, claiming that certain agreed incentives should be paid to him from his time as principal at the St. Andrew-based institution.

Those incentives reportedly included verbal agreements with the now-deceased, Danny Williams who occupied various official positions connected to the school.

In a statement, Chairman of the school’s Trust, Derek Jones said the passing of Mr. Williams meant that he would have been unavailable to give evidence to refute the claims of verbal agreements made by Reid.

He said it was then that the Trust decided to make the difficult commercial decision to settle.

Mr. Jones noted that the decision was taken after seeking legal advice and weighing the risk of proceeding with a costly litigation process.

The trial, he said, would likely take place after several years, and at a probable cost in legal fees of approximately $5 million.

The total amount at risk was an estimated $33 million.

Expressing relief with the latest development, Mr. Jones said the settlement allows the school to consider how the money which was at risk can be best used, to further the interests, of the 1,650 boys who attend Jamaica College.