The long-running case was dismissed this afternoon at the Royal Courts of Justice. In her judgement, Mrs Justice Cox said the allegations did not “withstand scrutiny”.
Towry had sought £6m in damages against seven advisers who worked for Edward Jones, which it acquired in 2009. The individuals left the company following the acquisition, but were accused of breaching non-solicitation clauses in their contracts by contacting former clients.
The advisers were accused of soliciting up to 388 clients, bringing in investments worth more than £33m to Raymond James which the advisers joined in early 2010.
In a statement following the verdict, Peter Moores, chief executive officer at Raymond James said: “The judgment confirms that the advisers did not breach their restrictive covenants, that there was no misuse of confidential information and there was no conspiracy to injure Towry EJ.
“The result today was the right one. Raymond James is scrupulous in our recruitment process and in providing guidance to wealth managers looking to leave their present employers to join Raymond James where they can build their own client book.”