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Towry agrees to pay over £930k in legal costs

Towry has agreed to pay in full Raymond James’ legal costs of £930,936 plus VAT for the High Court case it brought against the rival adviser firm.

Both parties have spent this afternoon negoiating the costs to be met by Towry after Mrs Justice Cox dismissed the case against Raymond James and seven former Edward Jones advisers at the Royal Courts of Justice in London earlier today.

During the case Towry sought £5.9m in damages from each defendant personally over claims advisers conspired to breach contracts when prevented them from soliciting clients for up to 12 months.

In total 388 clients with assets totalling £33m transferred to Raymond James.

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  1. The actual award against Towry, it’s been reported elsewhere, is £1.2m.

    What with a fine from the FSA of £500,000 just a few months back and now an award for costs of £1.2m in respect of a failed and maliciously inflated court action over the loss of just 388 clients (from a vastly larger client bank for which Towry paid just a quid), one wonders just how much longer Andrew Fisher’s likely to last at Towry. The flotation’s been postponed at least twice so, when he goes, it’ll probably be with his tail between his legs and without that plump sack of gold to which he’s been looking forward.

    Couldn’t happen to a nicer bloke.

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