Standard Life wins appeal against insurers’ group
Insurers now have 28 days to launch Supreme Court bid
By CFOWorld.co.uk staff | CFO UK | Published 14:37, 18 December 12
Savings and investment firm Standard Life has won its appeal case against a group of insurers who took it to court in 2009.
The Edinburgh-based firm was ordered by a court in 2009 to pay £100 million into a fund following losses it made in wake of the global financial crisis. Standard Life claimed that its insurers should have covered the costs and a London court agreed in February 2012.
However, the insurers' group appealed against the ruling. The original decision was upheld on Tuesday and the group now has another 28 days to launch a Supreme Court appeal.
The case related to Standard Life's Pension Sterling Fund which was described in its promotional literature as a low risk investment but contained a proportion of sub-prime mortgages on its books.
Following the revelations, Standard Life was fined £2.45 million by the Financial Services Authority for "serious systems and controls failings."
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