Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Sir Keith Mills shuts AIG Action group after Coutts pays up

1 Comment
Sir Keith Mills shuts AIG Action group after Coutts pays up

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter