Savvis settles with Amex over 'strippergate'

NEW YORK – In a development that company officials must hope is the final nail in the coffin, financial networking solutions provider Savvis has reportedly settled with American Express (Amex) over a $241,000 tab that its then-CEO allegedly ran up at a Manhattan strip club. Although the details of the settlement were not made public, the New York Daily News quotes an Amex spokesperson as saying, "The parties have resolved their differences."

Former CEO Robert McCormick reportedly celebrated a new client win at Scores, an upmarket gentlemen's club in October 2003, where he ran up the bill on a company Amex Centurion card. McCormick and his party were in Scores' famed President's Club room, according to the establishment's publicist. McCormick maintained that his tab was only $20,000.

In the fallout of the incident, McCormick stepped down as CEO of the St. Louis-based vendor and was replaced on a temporary basis by president and COO John Finlayson.

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