The long awaited judgement of the test case Needler Financial Services v Taber - to decide whether d...
The long awaited judgement of the test case Needler Financial Services v Taber - to decide whether demutualisation shares should be taken into account when calculating loss in the pensions review - should be announced on Tuesday at the Royal Courts of Justice.
Vice Chancellor, Sir Andrew Merritt, the presiding judge will announce his decision as to whether Collegiate is right to challenge the PIA ruling that windfalls form no part of the compensation for the victims of pension mis-selling.
Merritt will decide if the 1997 PIA ruling that windfalls are "entirely collateral" is legally correct and what role demutualisation shares should take in future pension review cases in addition to the FSAVC review and any compensation payable for mortgage endowment mis-selling.
The case will determine whether windfall shares the investor received from the merger of Norwich Union and General & Commercial Union be deducted from the £26,000 compensation he is set to receive or as Collegiate argue on behalf of the IFAs it represents £16,000. The investor received £10,000 in windfall payments.
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