Arch Financial Products and its chief executive Robin Farrell have lost a multi-million pound case against them at the High Court today, related to their management of the failed Arch cru fund range.
Arch FP was being sued for £150m by the Guernsey cells' current board, SPL Private Finance. It alleged Arch FP had shown gross negligence in its role as investment manager of the failed Arch cru funds between 2007 and 2008. The board also brought claims against Arch FP's chief executive Robin Farrell, alleging he dishonestly assisted Arch FP in breaches of fiduciary duty in relation to its investment in Lonscale; a holding vehicle of student accommodation group Club Easy. The High Court judge ruled both claims succeeded. Arch tried to appeal the decision, but the judge refused on the ...
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