Tavistock expands scope of counterclaims against Titan

(Sharecast News) - Tavistock Investments said on Thursday that it has expanded the scope of its counterclaims against Titan Wealth Services and Titan Asset Management following a court judgment in Tavistock's favour in December.

The AIM-traded group said the court had allowed it to add new causes of action to the existing proceedings relating to Titan's Model Portfolio Service, including breach of confidence, alleged misuse of trade secrets and copyright infringement, despite opposition from Titan.

It said the judgment, handed down on 11 December, permitted the additional claims to proceed.

In comments cited by Tavistock from the judgment, the judge said opposition to the amendments had "all the hallmarks of an attempt to 'snuff-out' a viable claim in circumstances where the claimants [Titan] hold most of the cards, and do not want to put those cards on the table, as they will be obliged to do upon disclosure".

The judge reportedly added that was "not an approach that the court should, or does, countenance".

Addressing the copyright claim, the judge said the court was "satisfied that the copyright infringement claim stands a real, as opposed to fanciful, prospect of success".

"When we agreed our contract with Titan in 2021, it was offered the opportunity to acquire Tavistock's Model Portfolio Service but declined to do so," said Tavistock chief executive Brian Raven.

"It is therefore particularly disappointing that we have now had to include these new causes of action in respect of Titan's MPS, the significance of which is perhaps best demonstrated by the substantial amount that Titan spent in its failed attempt to prevent these matters coming before the court."

The company said it would provide further updates on the litigation in due course.

At 1212 GMT, shares in Tavistock Investments were up 0.64% at 3.32p.

Reporting by Josh White for Sharecast.com.