A law firm is preparing to launch claims amounting to £23m against Yorkshire Bank for professional negligence related to money invested in Arck LLP.
Regulatory Legal claims Yorkshire Bank failed in its duty to protect client monies which it held on account for investors in Arck. The Arck scheme invested via financial advisers in sale and repurchase (SARP) contracts for foreign property developments which were supposed to produce significant returns. However Arck entered liquidation in March and, along with directors Richard Clay and Kathryn Clark, is currently being investigated by the Serious Fraud Office and Nottinghamshire Police over allegations of fraud relating to investors' missing millions. A central feature of the prom...
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