Statement re insurance proceedings

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: [phone] email: [e-mail] Andy Pomfret, Chief Executive Paul Stockton, Finance Director

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Source: Rathbone Brothers PLC via Thomson Reuters ONE

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