Chase de Vere, a UK-based advice firm, has reached an agreement with the Financial Services Compensation Scheme (FSCS) to settle legal battle over Keydata advice for an undisclosed sum.
A group of six advice firms including Chase de Vere were formed lead defendants by the FSCS seeking back compensation in the order of millions of pounds they paid to investors who lost money during 2009 Keydata collapse.
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Chase de Vere stated: "Chase de Vere and the Financial Services Compensation Scheme (FSCS) have reached an out of court settlement, with no admission of liability, in relation to the sale of Keydata investment products, the terms of which are confidential."
Five of them had earlier settled the case with FSCS earlier in December 2013
Earlier in July 2012, the advice firm had claimed losses of £11.2m caused by £14.4m set aside to cover the costs of its Keydata legal battle and compensating clients sold Arch Cru funds and payment protection insurance.
With all six defendants settling the case, the FSCS is now pursuing another six firms to draw out a list of lead defendants and is reportedly looking for firms with no professional indemnity insurance to expand its net.
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By GlobalData
