Court of Appeal plays supporting role to under-fire actuarial firms

Harris, Joanne
March 2005
Lawyer;3/7/2005, Vol. 19 Issue 9, p10
Trade Publication
This article reports that the company, Kirkpatrick & Lockhart Nicholson Graham, and John Warden Queen's counsel of Wilberforce Chambers have secured victory for actuarial firm, William M. Mercer Inc., which was being sued by Irish company, Precis Inc. over advice given about its pension fund. In 2000, Precis relied on advice given by Mercer when it made an offer for the shares of another company, Stoves PLC. The offer was made after Mercer examined and valued Stoves' pension fund deficit. However, it later emerged that the deficit was much larger than Mercer reported, causing Precis to launch a negligence claim. The Court of Appeal decision on February 15, 2005, was followed swiftly by the filing of a claim in the High Court by Credit Lyonnais SA's Group Management UK Pension Scheme against actuaries Watson Wyatt LLP.


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