Cameron Harrison and Perpetual Settle Client Dispute

Cameron Harrison Private Pty and Perpetual Ltd. (PPT), which managed A$26 billion ($25 billion) at the end of last year, agreed to settle a dispute over lost clients.

Perpetual, based in Sydney, sued Cameron Harrison in April accusing it of poaching clients after hiring away two senior managers. The two companies reached a settlement, terms of which are confidential, according to an Oct. 14 statement from Cameron Harrison.

Cameron Harrison and the two former Perpetual managers agreed to pay “an undisclosed sum of money” and also agreed to a non-solicitation restraint for four years, Perpetual said today in an e-mailed statement.

Federal Court Justice Kathleen Farrell dismissed the lawsuit on Oct. 9, according to her order posted on the court’s website.

The case is Perpetual Ltd. v Cameron Harrison Private Pty. NSD691/2013. Federal Court of Australia (Sydney).

To contact the reporter on this story: Joe Schneider in Sydney at jschneider5@bloomberg.net

To contact the editor responsible for this story: Douglas Wong at dwong19@bloomberg.net

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