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Topics: Arch cru| FSA| Capita| HSBC| BNY Mellon
A group campaigning for a judicial review into the Arch Cru investment funds scandal has had its initial request rejected by the High Court.
Justice in Financial Services, headed by Joe Egerton, has now requested an oral hearing in the Royal Courts of Justice, according to the Daily Mail.
Egerton's campaign group had requested a judicial review into Arch Cru in September.
It wants to legally challenge the offer last year of a £54m compensation package to some 20,000 Arch Cru investors by the FSA alongside Capita, HSBC and BNY Mellon.
Justice in Financial Services argued the offer is unfair because it would still leave investors nursing considerable losses.
Dealings in all Arch Cru funds, sold as safe investments, were frozen by the regulator in March 2009 following the mispricing of assets and the alleged misappropriation of fund assets.
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JFS has exercised its right to have an oral hearing. The Administrative Court has confirmed that this request will be granted. We are pleased at the general support for our action, including endorsement from R Legal and the Investor Steering Group
Posted by: Joe Egerton Justice in Financial Services