This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM-Cover-Small-210814.jpg

Towry plea for more time to pay costs is refused

  • Print
  • Comments (3)

Towry’s request for additional time to pay the first half of Raymond James’ £1.2m court costs has been refused after it was already allowed a seven-day extension by the defendants.

Towry was ordered to pay Raymond James’ full legal costs of £936,936 plus VAT. Normally it would have 14 days to pay the first 50 per cent but because of the size of the fees, Raymond James agreed to extend this to 21 days.

Following the verdict in the High Court in London on Tuesday, Towry QC Adam Tolley said “a sum of over £500,000 is a very significant amount” and asked for it to be extended from 21 days to 28 days.

Defence QC Chris Quinn replied: “I would have thought that a company the size of Towry would find no difficulty in finding £500,000 within 21 days.”

Towry argued it should only have to pay an appropriate percentage of the defendant costs which it claimed were “manifestly excessive”. The judge dismissed this argument, with Towry ordered to pay full costs to be assessed on an indemnity basis. Raymond James pointed out that each defendant could have sought their own legal team rather than using one joint counsel.

Towry refused to disclose its costs for the case.

 

  • Print
  • Comments (3)

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Readers' comments (3)

  • Towry tried to ruin the lives of these advisers. They would have lost everything if they'd lost this case. It's very nasty of a company to do this and it seems that they've got what they deserved and the judge is punishing them for their nastiness. They only paid £1 so what if 400 clients move on?
    Mr Fisher seems to always be in the press in relation to bad news for Towry - why don't they just sack him?

    Unsuitable or offensive? Report this comment

  • Having had personal experince of Towrys rush to threaten legal action for even minor issues they should have made provision for losing the case. Good on the judge, serves them right !

    Unsuitable or offensive? Report this comment

  • £500,000 is almost exactly just one month's worth of Towry's free trail commission of £6m p.a. on the EJ book that it took off EJ's hands for a token £1 and in respect of which, apparently with the assent of the FSA, it provides nothing in the way of any servicing or reviews (unless, of course, it gets a sniff of some extra money that it may be able to shovel into TL's own decidedly less than stellar range of funds).

    So on what basis might TL be pleading hardship in having to come up with the money sooner rather than later? TL is obviously intent on trying it on every last step of the way. You got a bloody nose, Towry, so just face up to it and pay what you've been ordered to.

    Unsuitable or offensive? Report this comment

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick



Poll

Should the FCA relax pension transfer qualification requirements?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments