The legal dispute about the use of the name "Kleinwort" between a former Kleinwort Benson investment banker on one hand and Commerzbank/Kleinwort Benson on the other, has been settled out of court.

Earlier this year, Commerzbank filed a lawsuit against Robert Pasley-Tyler who had registered a number of dormant companies using the Kleinwort name. Pasley-Tyler had worked for Kleinwort Benson for 28 years.

Earlier this month, Commerzbank completed the sale of Kleinwort Benson to Belgium’s RHJ International. When contacted by this publication, Kleinwort Benson confirmed yesterday that it reached an out of court settlement with Pasley-Tyler.

Kleinwort Benson and Commerzbank had previously asked for an injunction to prevent Pasley-Tyler from offering services using the trading name Kleinwort. It also wanted Pasley-Tyler to transfer the registration of some internet domains that contained the name Kleinwort.

Kleinwort Benson did not disclose any terms of the deal reached, but described it as an amicable agreement.

Following the completion of the change of ownership of Kleinwort earlier this month, the firm became part of the newly-formed Kleinwort Benson Financial Services Holdings.

Commerzbank was forced by European Union rules to sell off Kleinwort Benson and other non-core businesses after the bank received state aid from the German government during the financial crisis.

RHJI acquired Kleinwort as part of its strategy to build a dynamic wealth management, specialised asset management and financial advisory services business under the Kleinwort Benson brand.