Group Litigation Order made in Arch cru case
November 20, 2013, London, UK. Press Dispensary. A group of several hundred investors in the CF Arch cru Investment and Diversified Funds have secured a Group Litigation Order in the High Court in respect of their claims against the authorised corporate director of the investment funds by securing a Group Litigation Order ('GLO') in the High Court.
The Court has approved a form of wording in order to advertise the GLO. (The wording can be viewed here)
The making of a Group Litigation Order (GLO) by the High Court on 1 November has added momentum to the claims of investors in the suspended CF Arch cru Investment Fund and CF Arch cru Diversified Fund against Capita Financial Managers Ltd, the funds’ ACD (authorised corporate director).
A GLO is a case management tool used by the Courts in litigation where many claims are likely to be affected by the same issues. It will mean that all related claims will be entered onto a Court register, and managed side by side by the same judge, The Honourable Mr Justice Warren.
Harcus Sinclair, a London-based firm of solicitors, act for over 500 investors who have lost money through the CF Arch cru funds, and are in touch with hundreds more individuals who they anticipate will join the claim. Damon Parker, a partner at Harcus Sinclair, said: "we are very pleased to have succeeded in overcoming the hurdle of persuading the High Court that a GLO is appropriate in this case. It demonstrates that this large scale litigation is now well under way and it will enable proper and efficient case management of the group going forward".
The provisions of the GLO include the requirement that Capita Financial Managers provide the Claimant’s solicitors with the contact details of all the investors who have not accepted the voluntary Payment Scheme offer. They must also provide the contact details of all of the nominees, trustees and linked product providers in whose names CF Arch cru shares are registered.
The text of the letters that must be sent is included in the GLO. It is hoped that the institutions which hold shares will cooperate by contacting the ultimate investors.
The litigation is open to investors who have not yet accepted Capita Financial Managers’ compensation scheme. Investors can register to join the litigation at www.archcruclaims.org.
More information can be found here (http://goo.gl/FWG0zW).
The order can be viewed here (http://goo.gl/ugCjJu).
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For further information, please contact:
Damon Parker, Harcus Sinclair
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@ArchCruClaims on Twitter