FSCS Defends Multiple Lawsuits Over Failed Caribbean Resort

Law360, London (April 5, 2019, 5:33 PM BST) -- The Financial Services Compensation Scheme has denied it is seeking to make so-called double recovery by filing five separate lawsuits at a London court against a Guernsey-based trustee over its handling of investments in a failed holiday resort.

The statutory agency said in new documents filed at the High Court that its latest suit against Estera Corporate Trustees involves a separate group of investors that also poured money into the development, and that any duplication in the money being claimed will be credited accordingly.

The deposit insurance scheme is seeking to claw back from Estera the compensation it paid out to investors who...

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