Defunct Broker Sued For £144M Over Failed News Venture

By Silvia Martelli (July 27, 2022, 6:43 PM BST) -- Scottish businessman John Wyllie has taken another shot at seeking compensation in the English courts for problems that upended hundreds of life insurance policies he sought for employees at his now-failed news company.

Wyllie, Scottish News and the businessman's trading vehicle, Wyllie Financial Services Ltd., said in a newly public particulars of claim filed at the High Court on July 8 that Arc Finance Group Ltd. is responsible for a loss of £144 million ($174 million) because of its inability to properly arrange insurance policies that Wyllie had requested.

The businessman said he asked Arc, which went into liquidation in 2018,...

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