The Financial Ombudsman (FOS) has put on hold all complaints related to Lehman-backed products sold by Meteor Asset Management while it investigates "a greater issue" around the firm and claims against it.
The FOS has been investigating complaints from some Prima Growth Plan 7 investors since 2009.
They claim Meteor's failure to keep them informed of the downgrade of the Plan's counterparty, Lehman Brothers, caused them a loss beyond the fall in global financial markets in 2008.
However the FOS has written to one investor who had over £100,000 in the Prima Growth Plan saying all complaints related the Plans and Meteor are being delayed because they form part of a "greater issue" the Ombudsman is investigating.
The letter dated 21 June 2011 states: "As your complaint forms part of a greater issue there is an ongoing delay in dealing with this matter."
A spokesperson for the FOS said the delay relates to a "number of cases with similar underlying issues related to an individual firm".
"The FOS must be consistent in its approach. The cases are being looked into," the spokesperson said.
The decision to put complaints on hold pending further investigation into Meteor comes after the service refusedl to fight a judicial review brought by Meteor into a ruling it made against the firm.
Meteor repaid a couple invested in its Prima Growth Plan 7 £20,000 in an out-of-court ex gratia payment last month, after the FOS ruled Meteor did not treat them fairly when it failed to inform them Lehman Brothers had been downgraded by Standard & Poor's from A+ to A.
Meteor disputed the claim and took the FOS to the High Court for a judicial review into its decision.
The case was withdrawn with the consent of both parties after FOS said it would not contest the review. Meteor then agreed to pay the couple in full on condition they did not go public with details of the matter.
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