Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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
Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Gutteridge and Foster discuss UK commercial property with Jason Baggaley, manager of the Standard Life Property Income investment trust

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Gutteridge puts the heat on Odey's asset allocation maestro with a couple of tough questions.

Brewin's Foster & Gutteridge: searching for the yield of dreams

Brewin's Foster & Gutteridge: searching for the yield of dreams

Guy Foster and Ben Gutteridge discuss the latest upbeat US payroll report and how it has increased the probability of a first hike in interest rates in June.

Your Business: Cover Star Club

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Growing a business is the main aim of many company owners but managing that growth in a controlled way is just as important

Wealth Manager on Twitter