F&C Faces $20 Million Charge After Losing High Court Case
Stock Chart for F&C Asset Management PLC (FCAM)
F&C Asset Management Plc (FCAM), which oversees the U.K.’s oldest investment fund, may face costs of as much as 12.3 million pounds ($20 million) after losing a High Court ruling.
F&C may be forced to buy Anthony Culligan and Francois Barthelemy’s stake in F&C Partners LLP, a fund of hedge funds, for 7.8 million pounds, the London-based asset manager said today in a statement. The men set up F&C Partners LLP with F&C in 2004.
The firm may also be liable for Culligan and Barthelemy’s legal costs, which “are not believed to be in excess of 4.5 million pounds,” according to the statement. F&C has set aside 2.4 million pounds for the case since the dispute began in 2009.
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