Towry loses a landmark client poaching case
INDEPENDENT wealth adviser Towry has lost a landmark case against rival Raymond James and seven former Edward Jones employees, who it had claimed had solicited clients away from the firm.
The advisers joined Towry when it took over the US arm of Edward Jones in 2009, but chose to move to Raymond James rather than stay with the firm. Towry claimed the seven advisers took almost 400 clients worth more than £33m with them, breaching a non-solicitation covenant written into contracts during the takeover.
“Having regard to the whole evidence in this case, the allegations against Raymond James do not withstand scrutiny,” said Mrs Justice Cox DBE in her judgment, according to a statement from Raymond James’ law firm Faegre Baker Daniels.
Towry has agreed to pay in full Raymond James’ legal costs relating to the case, which total £930,936.