The High Court has rejected a bid for a judicial review into the £54m redress scheme brokered by the Financial Services Authority (FSA) offered by Capita and other businesses to Arch Cru investors.
Launched by Regulatory Legal last year on behalf of about 2,700 investors, the judicial review would have looked into the fairness of a £54m payment package put forward by the three main companies charged with the management of the funds and the safety of deposits into them - Capita, HSBC and BNY Mellon. However, it was this week rejected by the High Court, with Mr Justice Lloyd Jones saying the FSA had no duty to consult on the scheme. A Regulatory Legal spokesperson said the second redress scheme for investors, this time funded by advisers who sold the products and the FSCS levy-pay...
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