The Financial Conduct Authority has won its appeal against a tribunal's decision last year to block its power to impose a $700m redress scheme against BlueCrest Capital Management.
Back in July, three senior judges at the Court of Appeal heard a legal challenge from the FCA over the Upper Tribunal's decision to rule in favour of billionaire Michael Platt's hedge fund and reject the regulator's demand for investor compensation. In a ruling published on Wednesday (3 October), judge Andrew Popplewell said the FCA is "entitled in an appropriate case to impose redress for loss of a kind which is not recoverable in the courts". FCA resumes legal dispute with hedge fund BlueCrest over $700m redress scheme The financial watchdog said in a statement that the ruling ha...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
