Arch cru payment scheme deadline extended to end-2013

The deadline for Arch cru investors to accept payments from a £54m scheme set up by Capita and the funds' depositories has been delayed by 12 months until 31 December 2013.

Originally announced in June 2011, the package is being funded voluntarily by Capita Financial Managers Limited, the authorised corporate director of the CF Arch cru funds, as well depositaries BNY Mellon Trust & Depositary (UK) Limited HSBC Bank. Investors had previously been told they had until 31 December 2012 to accept the offer, under which they would give up certain rights to make claims against the three firms contributing to the payment scheme. The scheme aims to give money back to investors for losses they suffered between suspension of the funds on 13 March 2009 and 31 May 2...