Old Mutual will "vigorously" fight a damages claim launched by ousted CEO Peter Moyo, who still wants to be reinstated.
Moyo filed a R250m damages claim against the company on Wednesday.
He was dismissed in June, with the board saying it had lost trust and confidence in him after his NMT Capital investment company declared ordinary dividends while still owing Old Mutual preferential capital.
The two parties have been involved in a standoff since then, with Moyo winning two court applications to have himself reinstated and Old Mutual opposing the move.
Moyo's attorney Eric Mabuza said his client would first and foremost be pursuing reinstatement as CEO.
"First prize is permanent reinstatement," he said, adding that Old Mutual was bound by a court order that restricted it from hiring a new CEO until the matter was appropriately resolved.
Old Mutual spokesperson Tabby Tsengiwe confirmed that the company had been issued summons.
"Old Mutual confirms that it has received summons from the ex-CEO, claiming damages totalling R250m," she said.
"This is in addition to the R35.5m he received for doing the job and the R4m six months’ notice payout."
She said the insurer and investment company would stick by its decision.
"Old Mutual believes that it was correct to dismiss Mr Moyo," she said. "It will defend any claim vigorously."