Rathbone Brothers has confirmed that a £15 million ($25.1 million) settlement with a former employee has received court approval.

Rathbone Brothers has confirmed that a £15 million ($25.1 million) settlement with a former employee has received court approval.

The £15 million settlement, which was first announced in the firm’s half-yearly statement released in July, was subject to a number of conditions, including court approval in Jersey.

In a note on the London Stock Exchange, the firm said it had paid £15 million to settle legal proceedings in Jersey involving an employee of a former subsidiary, Rathbone Trust Company Jersey.

The claim has so far cost Rathbones £5 million in legal fees. The firm said it will report the settlement amount as an exceptional cost in its full year results.

“The settlement was conditional upon various matters, including receipt of court approval in Jersey. All conditions have now been satisfied and Rathbones has paid its share of the settlement which it will report as an exceptional cost in its full year results for the year ending 31 December 2014,” said company secretary Richard Loader.

Rathbone Brothers' profit before tax for the six months ended 30 June jumped 33.2 per cent to £30.9 million, compared to £23.2 million in 2013.

The firm said in its half-yearly financial statement that total funds under management at 30 June were £23.9 billion, up 8.6 per cent from £22 billion at the end of last year.