First adviser to compensate over split caps

Class Law, the law firm seeking compensation for investors who lost money through split cap investments, has secured its first win against an intermediary. In this case the adviser sold the Aberdeen Progressive Growth unit trust of zeros to a client as a low risk investment. The client is estimated to have lost £25,000 in the fund so far and the professional indemnity insurer of the intermediary will pay the settlement. Stephen Alexander, partner at Class Law, said full compensation plus all legal costs would be paid to one of its clients. The capital lost, plus the equivalent earning...