COUTTS/AIG UPDATE – 1 NOVEMBER 2010

The good news is that the AIG Recovery Fund has continued to increase in value over the last twelve months, and as a result it now looks probable that bondholders will recover their original capital in July 2012. However, it is highly unlikely that bondholders will receive any further returns from the fund and consequently will have lost money in real terms.

In my own case I have asked an independent financial adviser (IFA) to calculate what return they believe I could have earned had I had free use of my money from the time it was locked up in the Recovery fund in 2008 through to July 2012. For me this amounts to several million pounds.

As I have failed to reach a settlement with Coutts, my lawyers and counsel are currently finalising a writ which will shortly be presented to the High Court setting out my case against the bank. The legal case is likely to take around two years. It is regrettable that Coutts has decided not to support their clients and settle this matter. Nevertheless, I am personally committed to holding Coutts to account.

I will continue to update this website from time to time on any progress.