Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Rathbones £15m settlement against former director gets court approval

Rathbones £15m settlement against former director gets court approval

Rathbone Brothers' £15 million settlement with a former director has received court approval.

The case was linked to a long-running claim that was filed against a former director of Rathbone Trust Company Jersey (RTCJ), which Rathbones owned between March 2000 and October 2008.

In July 2012, Rathbones, headed by outgoing chief executive Andy Pomfret (pictured), issued proceedings to confirm that insurance cover on the excess layer of its civil liability, or professional indemnity policy, was in place to protect the company’s interests in the event of the claim being upheld.

Including legal fees, the claim has cost Rathbones £20 million.

In a statement posted on the London Stock Exchange, Rathbones said: 'The settlement was conditional upon various matters, including receipt of court approval in Jersey.

'All conditions have now been satisfied and Rathbones has paid its share of the settlement which it will report as an exceptional cost in its full year results for the year ending 31 December 2014.'  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: from Batman Live to commodity beta

Profile: from Batman Live to commodity beta

Charteris may be a family affair, but the company is not at any risk of turning sentimental

Wealth Manager on Twitter