UK Gov't Plans £120M Compensation For LC&F Investors
Law360, London (April 19, 2021, 4:58 PM BST) -- The government said on Monday that it will pay out an estimated £120 million ($168 million) in compensation to investors in London Capital & Finance, the minibond issuer that left 12,000 people out of pocket when it collapsed.
John Glen, Economic Secretary to the Treasury, said the government fund would compensate bondholders up to 80% of their investment in the failed company, up to a maximum of £68,000. The collapse of LC&F in January 2019 left investors who bought its high-interest debt securities, known as minibonds, with a £236 million loss.
The compensation fund will be established after a critical report by a...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!