BlueCrest Wins Bid to Avoid Paying Millions in Compensation
- FCA calculated compensation could be more than $700 million
- BlueCrest fighting £40 million fine from finance watchdog
The Financial Conduct Authority office in London.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Michael Platt’s investment firm BlueCrest Capital Management, which is fighting a multi million pound UK fine, won a court bid to block the financial watchdog’s attempt to demand more than $700 million in compensation for investors.
BlueCrest was hit with a £40 million ($51 million) fine by the Financial Conduct Authority in 2021 over allegations it favored partners over external investors in an internal fund. The firm allocated portfolio managers to the fund, open only to its employees, creating conflicts of interest, the FCA previously said.