Momart, the fine art storage specialist, is reported to have offered a multi-million pound out of court settlement to artists, collectors and insurers affected by the fire which destroyed one of its warehouses in June 2004.
The disaster saw hundreds of pieces of art destroyed, including pieces by Tracey Emin and Damien Hirst, and initial estimates put the overall loss at up to £50m.
The Guardian reported that Momart chose to settle out of court after claimants launched a legal action against the company, claiming that its storage facility was not suitable for storing pieces of fine art.
Insurance Times reported on the launch of the legal action against the specialist storage company in May 2004.
Clyde & Co at the time said that the 30 claimants included Shirley Conran and the Royal Academy. It described the fire as "an accident waiting to happen".
