RAT Rathbones Group Plc

 
TIDMRAT 
 
   Rathbone Brothers Plc 
 
   Insurance Proceedings - Appeal 
 
   Rathbone Brothers Plc ("Rathbones") previously announced on 11 November 
2013 that judgment had been handed down on 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. A copy of that announcement is attached in the Appendix. 
 
   Rathbones and the former employee in question have now decided to appeal 
subrogation aspects of the judgment. Insurers have decided to 
cross-appeal coverage aspects of the judgment.  Both sets of parties 
have therefore filed Notices of Appeal. The hearing of those appeals 
before the Court of Appeal is expected to take place in the second half 
of 2014. 
 
   For further information contact: 
 
   Rathbone Brothers Plc 
 
   Tel: 020 7399 0000 
 
   Andy Pomfret, Chief Executive 
 
   Paul Stockton, Finance Director 
 
   Appendix 
 
   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. 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Rathbone Brothers PLC via Globenewswire 
 
   HUG#1750657 
 
 
  http://www.rathbones.com/ 
 

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