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Meteor is confident on NDFA and DRL asset deals

Structured product provider and administrator Meteor Asset Management says ongoing complaints against the company relating to Lehman-backed plans will not affect its deal to acquire assets from NDF Administration and Defined Returns Limited.

The deal, which was announced in December, subject to final due diligence, would see Meteor take on responsibility for the administration of NDFA/DRL accounts, inc- luding the processing of income payments, surrenders and maturities. It would not take on responsibility for Lehman-backed plans.

Meteor is facing unresolved individual complaints against its own plans despite receiving the all-clear from the FSA over its marketing and sales of Lehman-backed structured products.

Finance director Simon Bottomley says: “We have had fewer than a handful of complaints since the FSA review.”
Meteor says there has been no further dialogue with the regulator since the complaints emerged and it expects the deal to complete within days.

Lehman Brothers’ action group Spirit founder Peter Howard believes it is unlikely that these complaints will be upheld.

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  1. NDFA investors have been waiting since early December for signs hat the company, currently being run by OPAL on behalf of rant Thrornton, he administrators, is indeed functioning normally (as Grant Thornton claimed on 3rd December).

    In fact, those looking to access their funds have so far been totally unable to do so, with OPAL telling them it could be months before their surrender requests are processed.

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