Arch Financial Products chief executive Robin Farrell has been denied the right to appeal a High Court judge's ruling that he is guilty of dishonesty and his firm of negligence in the management of the failed Arch cru fund range.
Arch Financial Products and Farrell today lost a multi-million pound case against them at the High Court, brought by the Guernsey cells' current board SPL Private Finance. The firm and Farrell have been ordered to pay the cells £24.2m plus £2.4m to cover their legal costs, of which £1.4m is due in January. Arch FP and Farrell represented themselves in the trial. Arch had initially been sued for £150m by SPL, which alleged Arch had shown gross negligence in its role as investment manager of the failed Arch cru funds between 2007 and 2008. But the present ruling refers only to one fa...
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