Hotel Fund Retains Claims In SFO Suit Over Fraud Assets

Law360, London (December 22, 2020, 6:12 PM GMT) -- A judge has ruled that a hotel investment fund's claim to assets sought by the Serious Fraud Office from a convicted fraudster can remain part of a trial in January, saying that removing the issue would "significantly subvert" the purpose of the proceedings.

Judge David Foxton said at the High Court on Monday that the fund's claims are "capable of significantly impacting any proprietary claims" brought by others in a lawsuit over the rights to the realizable assets of Gerald Smith. He was convicted of stealing more than £34 million ($45 million) from a computer software company.

Smith, who was sentenced...

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