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ABN and Framlington settle out of court over managers row

ABN Amro and Framlington have agreed an out-of-court settlement, allowing star fund managers George Luck-raft and Nigel Thomas to begin running money in September.

The managers will finally start work for Framlington after negotiations between the companies culminated in ABN, the two managers&#39 former employer, dropping its charges of breach of contract just days before the case was due to go to court.

Previously, Luckraft and Thomas faced the prospect of being unable to work until next February after they walked out of their contracts – which had more than 10 months to run – in April, claiming that ABN had made their positions untenable.

They will now only be on gardening leave until Sept-ember 8, which IFAs believe represents the best outcome for both companies now that ABN has effectively rescued its UK retail business by merging with fund boutique Artemis.

No further details of the deal have been released – although Framlington is bel-ieved to have paid substantial compensation to ABN – with both companies declining to make any further statements.

BestInvest fund research analyst James Calder says: “We are quite happy. Fund managers fighting in the courts does not do the industry any good.

“ABN can now get on with the merger and Framlington can concentrate on building up its UK business.”

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