More than 60 investors were unable to sue a pension scheme trustee for recommending "inappropriate" investments after a UK High Court ruling on 13 October that the lawsuit should have taken place in Gibraltar, according to Law360.**
The investors who transferred their employer pensions into investment schemes operated by Castle Trust & Management Services Ltd should have sued the trustee overseas and not in the English courts, High Court Judge Jonathan Russen said.
The English courts had no jurisdiction over the claimants' negligence lawsuit accusing the trustee of mismanaging their investment, the judge decided.
The Castle Trust Group (CTG) comprises five entities licensed and regulated by the Gibraltar Financial Services Commission.
More at link.
A group of claimants have lost their chance to bring a case against a trustee for allegedly recommending inappropriate investments.
In a High Court judgment, published yesterday (October 13), judge Jonathan Russen ruled the group of more than 60 investors should have brought their case against Castle Trust & Management Service in Gibraltar rather than the UK.
Castle is a company registered in Gibraltar which operates as a professional trustee.
It is the trustee of two Qualifying Recognised Overseas Pension Schemes (Qrops) established in Gibraltar: the Equus Scheme and the Metro Scheme.
According to the judgment, each of the claimants joined either one or both Qrops as members and transferred their existing UK pensions into these schemes.
There are two types of claimants, those who were advised in respect of a handful of unregulated collective schemes (Ucis Claimants) and those known as "Elysian claimants" who were advised in respect of a single investment of that name.
Some claimants fell into both categories.
More at link.
Dozens of investors lost their chance to sue a pension scheme trustee for recommending "inappropriate" investments...