We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedRisk

Standard Life wins appeal against insurers’ group


Insurers now have 28 days to launch Supreme Court bid

Article comments

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."

Share:

Recommended Articles

Comments

Standard Life wins appeal against insurers’ group
Risk

Managing the costs of arbitration when a deal goes wrong

Managing the costs of arbitration when a deal goes wrong

CFOs should be involved in international deal negotiations from the startmore ..


Home Depot confirms breach

Home Depot on Monday confirmed that intruders broke into its payment networks and accessed credit and debit card data of an unspecified number of customers who shopped at its U.S. and Canadian stores.more ..

Home Depot breach could potentially be as big as Target's

In what could turn out to be another huge data breach, Home Depot on Tuesday confirmed that it is investigating a potential compromise of credit card and debit card data belonging to an unspecified number of customers.more ..

EU fines Samsung, Philips and others for smartcard cartel

The companies exchanged sensitive commercial information on pricing, customers and contract negotiations, the Commission saidmore ..

The making of a cybercrime industry

And they're employing tried and tested above-board business methodsmore ..

Is there a bulwark against the rising pound for UK exporters?

Currency volatility has prompted a surge in the use of hedging tacticsmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *