Minister Defends 'Haircut' To Payouts For LC&F Investors
Law360, London (April 21, 2021, 6:20 PM BST) -- Britain's City minister has defended a "haircut" to compensation offered to customers of collapsed minibond issuer London Capital & Finance through a government scheme, saying the state can't be seen to stand behind all risky investments in future.
Economic Secretary to the Treasury John Glen said in a parliamentary Treasury Committee meeting on Wednesday that while he wants to offer investors in LC&F their money back, he also needs to consider the burden on the taxpayer.
The meeting comes the day after the government announced a £120 million ($167 million) compensation fund to former clients of LC&F. The collapse of the...
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