A group of 700 Keydata SLS investors will start a legal case against a string of global financial institutions in January, claiming they watched over a multi-million pound theft from the fund and did nothing while collecting huge fees.
Luxembourg-based life settlement vehicle SLS Capital collapsed after it emerged £103m had been stolen from the fund sometime in 2008. This forced Keydata, which invested money in SLS, into administration in June 2009. The KSLIT group, which represents nearly £80m and is led by Tony Lahert who lost £250,000 in the debacle, will target ten as-yet-undisclosed financial household names for compensation for profiting in fees while failing in their duty to investors and presiding over the fund while the theft took place. Lahert is calling on IFAs to encourage clients invested in Keydata Sec...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
