Meteor Asset Management has refused to abide by a FOS order to return £15,000 to investors who lost money in its Lehman-backed plans, and could challenge the ruling in a judicial review.
The FOS ruled Meteor did not treat Mr and Mrs B fairly when it failed to inform them Lehman Brothers, the counterparty of their Prima Growth Plan 7, had been downgraded by Standard & Poor's from A+ to A. Meteor's failure caused the couple a loss beyond the fall in global financial markets which occurred in 2008 and it should therefore return their capital plus interest, an Ombudsman ruled in a Final Decision in February. The couple wrote to Meteor to accept the ruling and the redress. But in a short reply Meteor say it is "unable to process the decision made by FOS" while it takes leg...
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