Towry loses client 'poaching' case in High Court

Wealth manager Raymond James today won what may prove to be a landmark court case against rival Towry, which had accused seven Raymond James advisers of unlawfully soliciting its clients.

A decision in the case was handed down at the Royal Courts of Justice this afternoon. The Honourable Mrs Justice Cox dismissed the claim by Towry that the seven advisers - who left the company after it acquired Edward Jones in 2009 - had broke their contracts by contacting their former clients. "Having regard to the whole evidence in this case, the allegations against Raymond James do not withstand scrutiny", the judgement reads. Towry began legal action against the seven advisers - Barry Bennett, Pieter Burger, James Chandler, Wayne Hayhurst, Thomas Spain, Stuart Hutton and Tracey...