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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.'  

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