Standard Life wins £100m claim against PI insurers over Sterling fund

clock

Standard Life has successfully sued its professional indemnity insurers for around £100m to recover losses related to its Pension Sterling Fund.

The judgment was handed down today by the Commercial Court in London against the insurers of the 2008/09 policy on the fund. In a stock exchange update, the company said the insurers have been granted leave to appeal, although this would probably not be heard before autumn 2012. No recoveries in respect of the claim will be recognised in the financial statements for the year ended 31 December 2011, and the ultimate recognition of claim proceeds will depend on the outcome and timing of the appeal. Standard Life was forced to inject £100m into its Standard Life Pension Sterling Fund ...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers expecting more of asset managers since Consumer Duty

Advisers expecting more of asset managers since Consumer Duty

‘We actually need to understand one another better’

Hope Coumbe
clock 28 March 2024 • 1 min read
Fears tech limitations could stall MPS on its upward trajectory

Fears tech limitations could stall MPS on its upward trajectory

‘There have been a few changes and challenges around growth in general’

Hope Coumbe
clock 27 March 2024 • 1 min read
Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 27 March 2024 • 5 min read