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Raymond James Unit Wins Lawsuit Over Client Poaching

Feb. 14 (Bloomberg) -- Raymond James Financial Inc.’s U.K. unit won a lawsuit in which financial advisory firm Towry Holdings Ltd. accused the company and seven employees of taking its clients.

A U.K. judge dismissed Towry’s claim, which sought as much as 6 million pounds ($9.4 million), Faegre Baker Daniels LLP, a law firm representing Raymond James, said in an e-mailed statement.

Towry sued for breach of contract after seven of its financial advisers joined Raymond James’ U.K. unit and were followed by some of their clients, the firm said. The case highlights the importance of knowing which restrictions apply to new recruits, and “taking time to ensure they are not breached,” Faegre Baker Daniels partner Alex Denny said.

The seven employees had worked for a company taken over by Towry in 2009 and were employed under different contracts to its other staff, Andrew Fisher, Towry’s chief executive officer, said in an e-mailed statement.

“We did not undertake this action lightly but to protect our legitimate business interests for our clients and shareholders,” Fisher said.

To contact the reporter on this story: Kit Chellel in London at cchellel@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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