Investors in the failed Arch Cru funds have called for SPL Private Finance to drop its lawsuit against Arch Financial Products and its chief executive Robin Farrell, saying it would "only damage what remains of their investments if unsuccessful".
The group, which is filing its own case against authorised corporate director Capita Financial Managers, after the High Court granted a group litigation order last month, said the SPL claim diverted attention from "the true culprit", Capita. SPL is currently managing the Guernsey cells that make up the Arch Cru funds. It is suing former fund manager Arch for £150m for gross negligence in its role as investment manager of the failed funds between 2007 and 2008. The case, which also brought claims against Arch FP's chief executive Robin Farrell alleging that he dishonestly assisted Arch...
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