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
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter