Towry Law takes out injunction against Raymond James Investment Services
Share
Towry Law has taken out an injunction against Raymond James Investment Services Limited and six former Edward Jones financial advisers who have joined RJIS.
Towry Law accuses RJIS and the advisers of soliciting customers and a conspiracy to injure Edward Jones Limited.
On Wednesday last week Towry Law announced it had been granted the interim injunction, with the date for the trial set for the first available date after July 14, 2010.
In October last year Towry Law bought the UK subsidiary of the US adviser and investment firm Edward Jones for £1.
At a court hearing on March 31 the advisers agreed to abide by the terms of their contract with Towry Law.
An RJIS spokeswoman says: “RJIS and the six advisers deny the allegations. At a hearing on 31 March 2010, the Court approved the terms of an order to which all parties consented and the advisers confirmed they will continue to abide by their restrictive covenants.
“It also set a timetable which will allow RJIS and the advisers to defend themselves against claims they believe to be without foundation.”
Towry Law chief executive Andrew Fisher says: “We will take every action available to us to protect the interests of our shareholders and our clients. The contracts signed by the ex-Edward Jones advisers clearly state that they are not able to solicit our clients for relevant business.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
Readers' comments (1)
Brian Evans | 13 Apr 2010 1:53 pm
Many Towry Law Advisers do not want to move all their clients accross to the Towry Law investments. They want to be able to give whole of market advice and consider the Towry offering almost tied advice. It excludes their clients from all the good fund managers and then Towry take all the fees from the investment without leaving the 1/2% renewal that used to pay for the servicing. Then the Towey advisers have to charge the client a fee meaning they are getting worse advice and paying for it twice. Its no wonder they want to leave and give their client whole of market advice paid for by the renewal commission good luck to them for standing up to the unacceptable face of consolidators and may their clients get great advice with the support of the courts
Unsuitable or offensive? Report this comment