Life assurance firm Standard Life has won a court case against the insurers of its 2008/2009 Professional Indemnity Policy in relation to the Standard Life Pension Sterling Fund.
The Commercial Court in London found in favour of Standard Life Assurance Limited in its claim of around £100m against the insurers.
The award is relatively small beer to Standard Life and it will not be counting the money yet, in any case, as the insurers have been granted leave to appeal against the decision and if the do so, the appeal is unlikely to come before the beak until autumn of this year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
No recoveries in respect of the claim will be recognised in the financial statements for the year ended 31st December 2011, and the ultimate recognition of claim proceeds will depend on the outcome and timing of the appeal.
Shares in Standard Life were 3.1p higher at 220.9p.
jh
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
