Saturn Investments Europe plc

[Brendan Burgess]

[broken link removed]

from today's Irish Times

A RETIRED solicitor and his wife have settled their Commercial Court action against various partners in Bloxham Stockbrokers over allegedly negligent advice to invest in a bond which later fell by more than 97 per cent in value.
The action by Maurice Curran, a former chairman of the Solicitors Mutual Defence Fund (SMDF), is among 10 sets of proceedings brought over the same bond in which Bloxham is facing claims amounting to some €10 million.
...

Yesterday, Mr Justice Peter Kelly was told by Declan McGrath, for Bloxham, and Bernard Dunleavy, for the Currans, the couple’s action had settled and could be struck out with no order except one vacating costs orders made to date.The Curran case was listed for hearing on February 1st next along with two of the other actions against Bloxham.

 

[Centaur]

...the end of the matter...

I started this thread so just to let you know how it finished up. Having got no satisfaction from Bloxham, I eventually took the case to the Financial Ombudsman. Bloxham appealed the Ombudsman's finding against them but eventually settled just before the High Court hearing. I must say the people I dealt with at the FO's were excellent.

I understand the case taken by Bloxham is ongoing in London.

 

[abbott]

On 12th April 2010 - foresaw Bloxham demise

Given my experience of how Bloxham was run, the news this week that Bloxham is finished does not shock me at all. I have sympathy for the "grunts" but not for the upper management. As an unlimited liability partnership, are they on the hook for the 13 Million Euros owed? Also what happens to the court-case against Morgan Stanley? Any insights/speculations?

 

[mercman]

I have sympathy for the "grunts" but not for the upper management. As an unlimited liability partnership, are they on the hook for the 13 Million Euros owed?

I'd say they are, and it appears the fault of the Management and the Central Bank & Financial Regulator. These entities have been inspecting books in this firm for months and they didn't pick it up. They only got to know as some person sent an e mail in error to them. What a fantastic Financial system we have in this country !!

It also leaves the fact that is doubted if the Irish Stock Exchange will last much longer unless some of the big UK or US firms come in here. But then they just might be able to show the regulator authorities how to actually do the job. Meanwhile they should be ashamed of themselves.