ABN AMRO Asset Management today announced it reached an out-of-court settlement with rival money manager Framlington Group in a dispute over two former ABN AMRO portfolio managers who defected earlier this year. In a joint statement, the two firms said George Luckraft and Nigel Thomas would remain on leave from ABN-AMRO until Sept. 8, when they can join Framlington.
The pair left ABN AMRO in April. Soon after, ABN AMRO initiated legal proceedings to prevent them from working at Framlington, claiming they breached their contracts by not providing a years notice and working for a rival during that notice period. ABN AMRO was granted an injunction preventing the two from working at Framlington.