UPDATE: Oak Island reaches settlement with former town manager - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

UPDATE: Oak Island reaches settlement with former town manager

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BRUNSWICK COUNTY, NC (WECT) – Town leaders in Oak Island have reached a settlement in an ongoing legal battle with former town manager Jerry Walters.

According to town clerk Lisa Stites, Oak Island attorney Brian Edes made the announcement Tuesday night after council went into closed session.

Walters sued the town after it refused to pay him his severance package. He claims Oak Island owes him more than $100,000. He was terminated in 2011 by a 4-1 vote.

According to Walter's employment contract, if he is terminated prior to the expiration of his agreement, the town will pay him either a lump sum cash payment equal to a year's salary or a year's salary broken down into 12 monthly payments equaling $116,000.

Details of the settlement will not be released until the paperwork is signed and official.

WECT.com reached out to Walter's attorney on Wednesday. Cory Reiss, of Shipman & Wright, LLP, said he had not heard of any settlement as of Wednesday morning.

This settlement comes days after the town attorney, council and clerk made a trip to Wilmington for mediation. According to Reiss, no settlement was reached on Friday after an entire day of mediation.

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