Platforms  

Arch Cru litigation net widens further

The chairman of the Arch Cru litigation committee said that investors participating in the legal action against the scheme’s former authorised corporate director, Capita Financial Managers, are encouraging platforms to publicise the legal battle to their customers.

It is thought that up to 2000 investors with a combined £30m invested in Arch Cru have not yet signed up to the group litigation order.

Harcus Sinclair, the solicitors firm acting on behalf of 550 Arch cru clients in the case, was given the green light by the High Court to publicise the litigation in November last year and Capita was ordered to provide the register of investors for the solicitors to draw on.

Article continues after advert

However, that register did not include names and contact details of those who invested through a wrap or platform.

Mr Hawkes said: “There are many investors in Arch cru out there who have no idea that this litigation is an option for them. There may even be investors who do not know that they are actually invested in these funds.

“Others investors may have been contacted but not fully understood the choices on offer at the time.”

Damon Parker, partner at Harcus Sinclair, previously confirmed that Capita had passed on the names of 1,600 investors who have not entered any redress scheme and the names of 100 nominees, trustees and product providers that have clients invested in Arch Cru.

A spokesman for Capita said: “Any claims made against Capita Financial Managers will be vigorously defended and any such defence will be lodged through the appropriate channels at the relevant time.”