RAT Rathbones Group Plc

 
TIDMRAT 
 
   Rathbone Brothers Plc 
 
   Insurance Proceedings 
 
   11 November 2013 
 
   Rathbone Brothers Plc ("Rathbones") announces that judgment was handed 
down late on Friday 8 November 2013 following the trial in the 
Commercial Court in London in respect of its proceedings against certain 
of its civil liability (professional indemnity) insurers.  The trial 
concerned the confirmation of coverage in respect of a claim relating to 
the management of a Jersey trust which had been filed against a former 
employee and director of Rathbone Trust Company Jersey Limited ("RTCJ") 
(now known as Hawksford Trust Company Jersey Limited since its sale by 
Rathbones in 2008).  In those proceedings, which were brought against 
the insurers by Rathbones and the employee in question, the judge (Mr 
Justice Burton) ruled in favour of Rathbones and the employee on all the 
substantive coverage points on the insurance policy, confirming that the 
employee was covered by the policy in respect of liability for the 
wrongful acts alleged in the Jersey proceedings. However, he also ruled 
that the insurers should have a right of subrogation whereby they could, 
upon payment of any sums to the employee, take over any rights of action 
which the employee might have against Rathbones pursuant to an indemnity 
granted to him by Rathbones and RTCJ. 
 
   Rathbones is reviewing the judgment and considering its potential 
implications with its Counsel and other advisers and will be deciding in 
the near future whether or not to appeal against certain aspects of the 
judgment.  A further announcement in this regard will be made in due 
course. 
 
   For further information contact: 
 
 
 
 
Rathbone Brothers Plc 
 Tel: 020 7399 0000 
 email: marketing@rathbones.com 
 Andy Pomfret, Chief Executive 
 Paul Stockton, Finance Director 
 
 
 
   This announcement is distributed by Thomson Reuters on behalf of Thomson 
Reuters clients. 
 
   The owner of this announcement warrants that: 
 
   (i) the releases contained herein are protected by copyright and other 
applicable laws; and 
 
   (ii) they are solely responsible for the content, accuracy and 
originality of the 
 
   information contained therein. 
 
   Source: Rathbone Brothers PLC via Thomson Reuters ONE 
 
   HUG#1742077 
 
 
  http://www.rathbones.com/ 
 

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