Wealth manager Towry has agreed to pay the legal costs of rival Raymond James and seven advisers after defeat in the High Court.
The company has agreed to pay costs totaling £930,936 plus VAT - bill of £1.2m.
Towry today lost its High Court case against the seven former Edward Jones advisers and their new employer, Raymond James.
It had accused them of breaking non-solicitation clauses in their contracts by contacting their former clients after Towry acquired Edward Jones (EJ) in 2009.
The seven EJ advisers left Towry shortly afterward.
But the Honourable Mrs Justice Cox dismissed the £6m claim by Towry.
"Having regard to the whole evidence in this case, the allegations against Raymond James do not withstand scrutiny", the judgement reads.
Peter Moores, CEO of Raymond James, said this afternoon: "We are very pleased that the judgment dismissed the case against Raymond James and the seven advisers affiliated to us.
"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 (Edward Jones).
"The result today was the right one. Raymond James is scrupulous in its 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."
Towry said it was disappointed with the judgement, but considers it provides "useful guidance for professional services firms wishing to protect their legitimate business interests".
It pointed out the judge found that client names, addresses, contact details and investment requirements were confidential, and that non-solicitation agreements are appropriate and, in some cases, enforceable.
Andrew Fisher, chief executive of Towry, said: "We are obviously disappointed that the Court did not find in our favour. We did not undertake this action lightly but to protect our legitimate business interests for our clients and shareholders.
"The judgment does support the efforts of professional services firms like ours, to protect their legitimate business interests, through contractual non-solicitation, non-dealing and confidentiality clauses.
"The contracts of the former Edward Jones employees were materially different to our standard Towry contracts in that they did not contain a ‘non-dealing' clause and we are confident that our current Towry contracts afford us appropriate commercial protection."
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