The injunction alleges solicitation of its clients and misuse of confidential client information. The date for the trial has been set for the first available date after July 14, 2010. Towry Law has been granted the injunction on behalf of Edward Jones Limited, which was acquired by Towry Law on November 12, 2009.
Towry Law paid just £1 to take over the UK arm of Edward Jones, which made a loss of £35m last year. After news of the acquisition broke, the Money Marketing website was flooded with messages of concern from Edward Jones advisers.
In January, The Times reported details of a contract being offered to former Edward Jones advisers looking to join Towry Law including bonuses depending on how much money they put into Towry’s in-house discretionary management service. Towry says there is no conflict of interest in offering advisers incentives to recommend the funds.
Towry Law chief executive Andrew Fisher (pictured) 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. Misusing confidential data is not, in our opinion, ever acceptable and we are currently preparing a number of similar actions against other former employees of Edward Jones.”