Investors Win Appeal To Ax Higher Security In £50M Fraud Suit

By Lucia Osborne-Crowley (April 28, 2022, 6:21 PM BST) -- The Court of Appeal on Thursday tossed out an order that forced investors suing the directors of a group of property companies over an alleged investment fraud to hand over additional money to secure a £50 million ($62 million) freezing order.

The appeals court ruled that the lower court was wrong to order the investors, who claim they were misled into buying leaseholds for student and holiday accommodation across Britain, to pledge £800,000 to underwrite an injunction against the Alpha Group of letting companies.

A judge raised the amount of the security from £500,000 to £800,000 in February after Nicholas Spence...

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