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Verve And Former CEO Bill Weinstein Come To Settlement Agreement Following His Departure From Agency

EXCLUSIVE: Following a breach-of-contract lawsuit filed after he departed the agency, former CEO Bill Weinstein and Verve have agreed on a settlement.

Details are unknown, but the attorney for Verve co-founders Bryan Besser and Adam Levine released a statement Monday. “The parties have amicably resolved their dispute, and have reached a confidential settlement in principle,” Julie Gerchik at Glaser Weil said.

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Weinstein filed the suit last month in Los Angeles Superior Court, stating he was kicked out of the company “without any notice, reason, cause or an opportunity to cure.” (Read the complaint here). The settlement means the suit will not move forward.

Weinstein could not be reached for comment.

While not confirmed, sources say Weinstein will be setting up a new shop called Novo and bringing with him his clients along with former Verve agents Devon Schiff, Matthew Doyle and Jake Dillman.

The settlement closes the loop and story that had sent shockwaves through the industry following Weinstein’s departure, given that he co-founded Verve in 2010 along with Besser and Levine. Weinstein was given the CEO title last year. Sources close to Verve said no replacement will be named and that the responsibilities of the role will be shared by the founders and managing partners.

The exact reasons behind Weinstein’s departure still are not known, but the agency world has been curious about his next steps. It looks like a new agency is in his plans.

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