Court orders £32m to be repaid in GP Noble case
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The High Court has ordered the return of £32m to pension schemes that had been administered by GP Noble Trustees.
The civil case was brought by Independent Trustee Services Limited, which now controls the nine affected schemes. ITS was appointed by the Pensions Regulator when GP Noble Trustees was suspended in 2008.
ITS began a tracing process and commenced legal action to recover the funds soon after being appointed by TPR. It has worked with law firm Taylor Wessing on the case.
Taylor Wessing senior associate for commercial disputes Heidi Wales says: “With 27 defendants and tens of thousands of documents this has been a substantial team effort, which will continue in order to recover the remaining missing funds.”
ITS managing director Chris Martin says: “ITS is delighted with the Court’s decision. It represents a key step along what has been a complex path towards recovering assets and giving certainty to scheme members. We will work with the Pensions Regulator to consider our options in terms of seeking recovery of the remaining funds.”
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