Nectar card founder Sir Keith Mills is shutting down the Coutts AIG Action Group he set up to help those with money locked up in AIG Enhanced Premier Bonds.
The decision comes after the millionaire settled his claim for damages with the bank for an undisclosed sum. It ended a four-year campaign against the bank, which saw him launch the Action Group in December 2008.
While the terms of the agreement have not been disclosed, previous reports suggested Mills was seeking damages in excess of £8 million. He had £65 million of his personal wealth plus £8 million from a family trust in AIG bonds.
Mills said the bank had admitted liability for mis-selling the bonds two weeks before the trail was due to start and a settlement was reached this week.
In a pessimistic conclusion, he said: ‘Having spent four years, a lot of time, trouble and very substantial legal costs, I can now see why so few financial institutions are held to account by their customers. Nevertheless, I hope that my case may be helpful to those Coutts customers who are still trying to reach a settlement.’
Investors who spent over three and a half years with their money parked in the AIG Protected Recovery fund now have access to their investments again and many have received compensation offers.