Barry Coffey, Partner in Mishcon de Reya's Dispute Resolution team, has been quoted in the Financial Times following a hearing before Mr Justice Miles on 13 December 2024 to decide the sum of damages to be paid to Mishcon de Reya's clients, the joint administrators of London Capital & Finance Plc (In Administration).
At the hearing, the Judge found that certain of the defendants were liable in the sum of £211 million for "dishonestly assisting" in a fraudulent scheme (to misappropriate hundreds of millions of pounds from LCF). Separately, the Judge found that another group of defendants were liable in the sum of £180 million for "fraudulent trading" (including operating a Britain largest Ponzi scheme and fabricating transaction to conceal the misappropriation of funds from LCF).
Barry commented: “We will now be taking steps, to enforce the terms of the order, and collect assets, to realise in satisfaction of the judgment.” He went to comment that the joint administrators of LCF were “pleased to have now obtained this order, after four and a half years of litigation.”
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