Meteor applies for judicial review against FOS Lehman ruling

The FOS ruled in February 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. But Meteor disputes the claim and has refused to return the couple's £20,000 investment. It will now try to challenge the ruling in the courts. If Meteor's case is thrown out, a flood of investors who claim their circumstances are indentical to Mr and Mrs B's will seek also compensation, at a projected cost to the asset manager of millions of pounds. Graham Devile, mana...