Arch Financial Products (AFP) chief executive Robin Farrell has hit out at "deeply regrettable" findings in a recent lawsuit against him and said investors could lose up to £4.4m in distributions from the action.
Farrell and his company Arch FP were successfully sued in mid-December for dishonesty and negligence in the management of the failed Arch cru fund range, by the cells' current board SPL Private Finance. The chief executive and his firm, who represented themselves at trial with the help of chief operating officer Robert Addison, were ordered to pay £2.4m towards the legal costs of the claimants, of which £1.4m is due in January. They were also ordered to pay £24.2m in damages to the cells. But Farrell said he believed the cells had accrued a further £2m in costs "on other issues which ...
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