Edwin Coe is representing a group of investors in relation to claims arising from advice given by Target Financial Management Limited (Target) to invest money in Meteor Asset Management Ltd’s “Prima Plus Plan” (the Plan). That money was lost on the collapse of the intermediary, Lehman Brothers Holding Inc (“Lehman Brothers”). Edwin Coe has instigated FOS proceedings and those are ongoing.
Clients’ money was used within the Plan in order to purchase a warrant in Lehman Brothers which filed for bankruptcy in September 2008. As a result of Lehman Brothers’ bankruptcy, our clients lost their investment in the Plan.
Before advising clients to invest money in the Plan, Target prepared “suitability reports” for clients and assessed their tolerance to risk. The suitability report assured clients that their capital would be protected unless one of the indexes was below 50% of its starting point after 10 years. Clients were also assured that their money would be held in an institution which had a rating of A+. Lehman Brothers’ rating by Standard and Poor changed to A in June 2008.
In the event, although it was intended that risk should be spread across a portfolio of holdings the whole investment relied on the solvency of Lehman Brothers. Further, it now appears according to Lehman Brothers’ Administrators, that the money paid under the Warrant was simply held by Lehman Brothers in order to assist with its cash position.
The FOS has upheld complaints by investors.
The establishment of this webpage is in response to enquiries that we have received from investors who have lost monies invested in the Plan.
If you have lost your investment in the Plan, and would like to take legal action then please contact Edwin Coe.
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