Defunct Broker Gets Court OK To Pay Out Final Client Assets

Law360, London (February 8, 2019, 2:03 PM GMT) -- A London judge has signed off on an order allowing the distribution of the remainder of £23.5 million ($30.5 million) in client assets from a stockbroker that was effectively shut down by regulators in 2012 after using client money to pay business expenses.

High Court Judge Alastair Norris ruled that Pritchard Stockbrokers Ltd. and its special administrators could make a final distribution from the pool of client assets without committing breach of trust despite a small portion of claims being unresolved, saying it was “undoubtedly time for the book to be closed.”

“Many of the outstanding individual claims are so small...

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