Goodbody employees paid to leave, court told
INVESTMENT MANAGEMENT company Tilman Brewin Dolphin paid €700,000 to three senior executives at Goodbody Stockbrokers to induce them to leave their employer, the High Court was told yesterday.
Mr Justice Barry White will today rule on an application by Tilman for a prohibitive injunction restraining Goodbody from terminating a financial services agreement.
The inducement allegation was made in an affidavit by Eamonn Glancy, Goodbody director and head of wealth management.
Tilman director Matt Minch denied there had been any underhand inducement and said the employment of the trio had been “carried out above board and in a proper and overt manner”.
Martin Hayden SC, for Tilman, told the court Goodbody had informed his client on August 15th last that it was terminating the financial services agreement entered into in 2010.
Tilman considered the termination notice to be invalid and of no effect.
Mr Hayden said the employment of two senior Goodbody portfolio managers, Richard Flood and Daniel Macauley, and pensions manager Suzanne Cashin was due to take place. They had left Goodbody on July 27th last.
Michael Howard SC, for Goodbody, was granted leave by Mr Justice White to issue a motion in a second set of proceedings which would be served today on solicitors for the three former Goodbody employees.