Keydata victims set Jan date for case against multinationals

A group of 700 Keydata SLS investors will start a legal case against a string of global financial institutions in January, claiming they watched over a multi-million pound theft from the fund and did nothing while collecting huge fees.

Luxembourg-based life settlement vehicle SLS Capital collapsed after it emerged £103m had been stolen from the fund sometime in 2008. This forced Keydata, which invested money in SLS, into administration in June 2009. The KSLIT, which represents nearly £80m and is led by Tony Lahert who lost £250,000 in the debacle, will target ten as-yet-undisclosed financial household names for compensation for profiting in fees while failing in their duty to investors and presiding over the fund while the theft took place. Lahert is calling on IFAs to encourage clients invested in Keydata Secure In...