Tilman 'induced' Goodbody executives to leave jobs, court told
Investment management company Tilman Brewin Dolphin (Tilman) 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 wealth management head.
Tilman director Matt Minch denied there had been any underhand inducement and stated that the employment of the trio had been "carried out above board and in a proper and overt manner".
Martin Hayden, counsel for Tilman, told the court that Goodbody had told Tilman on August 15 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 a pensions manager, Suzanne Cashin, was due to take place. They had left Goodbody on July 27 last.
Michael Howard, counsel for Goodbody, was yesterday 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.
Goodbody claims there are confidentiality breaches attached to the departure of the three senior executives and the company wants to pull the plug on their services contract with Tilman. Tilman has denied that it had received or sought confidential material from their new employees.
Tilman claimed that if the services agreement was ended by Goodbody, they, Tilman, would not be able to service their clients and the goodwill of their clients would be jeopardised. Mr Justice White will take up the matter again today.