Fundsmith's Terry Smith sues Barclays for £220,000 - report

For failing to transfer cash in timely manner

Founder and chief executive of Fundsmith, Terry Smith, is suing Barclays for failing to transfer up to £330,000 of his money into his fund, meaning he missed out on more than doubling the value of this investment, according to reports.

Smith (pictured), who manages the £5bn Fundsmith Equity fund, is suing Barclays for £220,000 for negligence, as he claims the bank took nearly three years to transfer money from a company controlled by him into his fund, according to The Times. He asked for £330,000 to be transferred in 2012 from his firm Aethelflaed Investments so that he could purchase extra units in the Fundsmith Equity fund. Fundsmith pays partners £14m after bumper year The fund has massively outperformed its peer group over one, three and five years, according to FE. Over five years to 16 March, the fund has ...