Towry has begun the legal action against seven Raymond James advisers in June 2011 alleging that the seven advisers, who worked formerly with Towry, had persuaded many of their clients to transfer their investments to Raymond James.
The seven financial advisers denied the allegations and argued that they had fully complied with their legal obligations at all times and that the clients had transferred the investments voluntarily to Raymond James without any element of persuasion or influence.
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Finally, in the case, Justice Cox DBE ruled against Towry finding that the seven ex-Edward Jones advisers had not solicited clients, nor broken 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", Justice Cox said.
The judge also dismissed Towry’s claim for GBP6 million in damages that it argued had resulted from the advisers’ actions.
Meanwhile, Raymond James is pursuing GBP930,936 in legal costs from Towry, though this figure may change subject to ongoing negotiations.
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