Minibond Victims To Appeal Loss In Compensation Battle
Law360, London (May 26, 2021, 4:37 PM BST) -- A judge has allowed victims of London Capital & Finance PLC to challenge his decision that many bondholders cannot recover their losses under Britain's Financial Services Compensation Scheme because the product they were sold could not be classed as investments.
High Court Judge Charles Bourne said in an order dated May 20 that lawyers acting for some of LC&F's 11,600 customers could challenge his finding rejecting payouts for more victims. The bondholders' proposed appeal will argue that clauses that bar them from collecting under the FSCS were unfair under the Consumer Rights Act 2015 and therefore nonbinding.
The dispute stems from...
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