Towry incurred litigation costs of £2.3m in 2011 relating to the court case it brought against Raymond James and seven former Edward Jones advisers.
In February, a High Court judge dismissed all charges brought by Towry over alleged client solicitation. Towry was seeking damages of £6m but was ordered to pay Raymond James’ full legal costs of £1.2m.
At the time Towry refused to reveal its legal costs for the case.
The firm’s 2011 accounts, published today, say: “Litigation costs in 2011 relate to a court case involving the actions of former advisers and reflect the total estimated costs payable by the group.”
The accounts also reveal Towry had to pay “exceptional regulatory costs” of £1.3m, after the FSA fined the firm £494,000 in September for client money breaches.
The accounts say: “Exceptional regulatory costs in 2011 relate to improvements to our client money and asset procedures and controls following a review of this area by the FSA.”
Towry saw a pre-tax operating profit of £10.2m in 2011, compared to a £5.5m loss in 2010 following £17.7m in costs related to the integration of Edward Jones.