Lawyer says case is important “from a wider legal perspective”
Financial services firm Raymond James has won a legal battle over breach of restrictive covenants in the High Court.
A lawyer acting for the defendants said the case was important for all breach of covenant cases.
Financial advisers Towry sued Raymond James for breach of covenants, misuse of information and alleged conspiracy to induce breach of contract in 2009 after seven staff left Edward Jones, a Towry acquisition, to join Raymond James.
Towry claimed that the seven staff had breached their covenants by soliciting Edward Jones clients to join Raymond James.
Law firm Faegre Baker Daniels, acting for Raymond James, argued that the clients had chosen to move and that covenants had not been broken because there was no restriction on ‘dealing’ with clients in the Edward Jones contracts.
Justice Cox ruled this week that the defendants were innocent of all charges and awarded costs to them.
Faegre Baker Daniels employment partner Alex Denny said: “This is a fantastic and well-deserved result for Raymond James and the advisors and an important decision from a wider legal perspective.
“It highlights the importance of knowing what post-termination restrictions apply to potential new recruits and taking time to ensure that they are not breached. The fact that Raymond James and the advisors had consistently taken and followed legal advice was described by the judge as being a ‘striking feature’ of the case and a major factor in the claims being dismissed in their entirety.”
According to the ICAEW, the start of a new year is a good time to think about starting up on your own, and given the importance of SMEs to the community, the Government is currently conducting an enquiry into entrepreneurship.
The current economic climate is also driving thousands of employed people to consider making the leap into self employment.
With this in mind, the accountancy body has provided some tips for would-be entrepreneurs.
Business start-up tips
Here are some key things to consider before starting up, based on original tips penned by Clive Lewis, its Head of Enterprise:
1. Research the Market – make sure you find out if there is a market for your products of services.
2. B
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Insurer hunting for office staff
Sterling Insurance is set to open a Manchester office by the end of March.
Sterling is opening the office to increase the insurer’s presence in the north. The insurer described Manchester as the “gateway to the northern market” in a statement.
The insurer has appointed the head of the new office but has not announced the details yet.
Sterling director of home and commercial insurance David Sweeney said: “This announcement will undoubtedly result in Sterling forging even closer relationships with our brokers in the north. It is o
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Admiral stock drops 4% on OFT probe before small regain today
Admiral’s is facing renewed pressure to reveal its ancillary income sources following yesterday’s announcement that the Office of Fair Trading’s is to probe credit hire and legal products.
Shore Capital analyst Eamonn Flanagan said: “Indeed, we believe that income from credit hire and legal expenses products are a major feature of this profit source for Admiral…to date, the group has refused to divulge its precise make-up, something which now needs to be addressed. Indeed, such scrutiny and potential regulatory attention is likely to put downward pressure on this earnings stream.”
The competition watchdog is concerned that customers are paying too much for courtesy cars and third party repairs.
The OFT also wants more transparency over legal products, such as legal expenses. That could
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With the January 2012 self assessment deadline looming, the Bytestart team has provided some useful tips to help business owners keep on the right side of HMRC at tax return time.
Don’t be late
There really is no excuse to submit your return late. The deadline for electronic submission of your tax return is 31st January. This is also the deadline to have paid your tax liabilities to HMRC. If you’re late, you’ll face a minimum £100 fine. New, harsher penalties apply from the 2010/11 tax year onwards.
Do you need to complete a personal tax return?
Just because you have not received a return does not mean that you do not need to fill one in. If you
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Everest Re and Lloyd’s names join China Re in reinsuring Syndicate 2003
Catlin has attracted further third-party capital from Everest Re and Lloyd’s names, chief executive Stephen Catlin revealed yesterday.
The new capital providers join China Re, which has agreed to put up £50m to capitalise a new special-purpose syndicate, launching in 2012.
The Lloyd’s names will provide £60m capital on a two-year rolling contract, while Everest Re will provide £26.9m. Insurance Times understands two further special-purpose syndicates will be established to receive the capital from these two new sources.
Catlin plans to announce the final details of the new deals in a week’s time, Stephen Catlin told analysts at yesterday’s investor day.
The new deals will bring the total third-party capital available to Catlin in 2012 to £137m. The three new
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