Ex-Goodbody trio will not disclose info

Three former senior executives with Goodbody Stockbrokers will not disclose confidential information obtained by them in their old jobs to their new employer, investment managers Tilman Brewin Dolphin Ltd, the High Court has been told.

Barrister Tom Mallon, counsel for former Goodbody portfolio managers Richard Flood and Daniel Macauley and pensions manager Suzanne Cashin, said they were prepared to give undertakings to the court until a further sitting on Sept 19.

Martin Hayden SC also gave undertakings on behalf of Tilman that it would not, in the meantime, seek to induce its new employees to divulge any confidential information they may have or use it in any way.

Mr Justice Barry White had been told Tilman paid €700,000 “hello money” to the Goodbody executives to induce them to leave their employer in July.

Michael Howard, SC, counsel for Goodbody, told the court that the trio had taken up their new posts with Tilman at the start of August.

Tilman, in parallel proceedings, is seeking to prohibit Goodbody from terminating a financial services agreement Tilman has with Goodbody since 2010. Goodbody threatened to end the business link on Aug 15 last.

Tilman claims it would be unable to manage its clients’ portfolios if Goodbody was allowed to sever the link before it, Tilman, had time to put a new financial services provider in place. Tilman claims it would be caused irreparable damage.

Eamonn Glancy, a Goodbody director, told the court Mr Flood, Mr Macauley, and Ms Cashin had downloaded and taken with them information that was at the highest end of the scale in terms of confidentiality and commercial sensitivity.

The allegations are denied by the three ex-Goodbody employees and Tilman and its parent company Brewin Dolphin.

Mr Glancy said Goodbody had discovered serious breaches by Mr Flood of contractual obligations on confidentiality and believed the information procured would be used by all three former employees to the advantage of their new employer Tilman.

He said the information allegedly downloaded by Mr Flood to his personal email address related to hundreds of Goodbody clients including their names, addresses and phone numbers. He alleged the confidential information related to portfolios managed by five other senior portfolio managers in addition to Mr Flood.

Mr Glancy claimed Mr Macauley had emailed to himself information relating to several private clients of Goodbody and that Ms Cashin had breached obligations regarding the use and integrity of Goodbody’s confidential information.

The three employees involved deny that they have misappropriated confidential information belonging to their former employer.

Judge White will give his decision on Monday whether to grant Tilman prohibitive injunctions against Goodbody on the question of Goodbody withdrawing its business services agreement with Tilman.