The liquidated Connaught fund is to sue its former authorised corporate directors on behalf of a group of investors, investment platforms and the trustee of a unit trust.
In a High Court ruling on 5 November Judge Mackie QC permitted the group to bring its case against Capita Financial Managers and Blue Gate Capital. The group is suing for compensation on behalf of 1,000 retail investors who invested £75m in the fund prior to its liquidation on 3 December 2012. The claimants allege that Capita and Bluewater unlawfully promoted the fund to the investors, and that they were responsible for promotional literature which was misleading. Capita had tried to stay proceedings while discussions with the Financial Conduct Authority (FCA) were underway, after ...
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