Trust Denies Owing £1M Over Failed Caribbean Resort
Law360, London (December 18, 2018, 7:10 PM GMT) -- A Guernsey-based trust manager on Tuesday denied owing more than £1 million ($1.26 million) after investors lost money in a failed Caribbean resort, telling a London court that it held no duty of care to the savers.
Estera Corporate Trustees (Guernsey) Ltd. fought back in three separate defenses against repeated allegations of misselling and negligent advice leveled by the U.K.’s Financial Services Compensation Scheme. The FSCS has had to compensate around 160 people who invested in the doomed Freedom Bay resort on St. Lucia and is trying to claim back its money from the trustees.
“To date the [FSCS] has served...
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