More than 60 investors were unable to sue a pension scheme trustee for recommending "inappropriate" investments after a UK High Court ruling on 13 October that the lawsuit should have taken place in Gibraltar, according to Law360.
The investors who transferred their employer pensions into investment schemes operated by Castle Trust & Management Services Ltd should have sued the trustee overseas and not in the English courts, High Court Judge Jonathan Russen said.
The English courts had no jurisdiction over the claimants' negligence lawsuit accusing the trustee of mismanaging their investment, the judge decided.
The Castle Trust Group was formed over 20 years ago and has represented a range of clients including banks, quoted companies, wealthy individuals and pension funds.
On its website it said "its main emphasis is to ensure compliance in all jurisdictions is maintained to the highest standard. It has been at the forefront of ensuring Gibraltar has been acknowledged as a highly reputable jurisdiction from which UK pensions may be transferred with full agreement of HMRC".
The Castle Trust Group (CTG) comprises five entities licensed and regulated by the Gibraltar Financial Services Commission.
Namely, Castle Trust & Management Services, First Management, Castle Secretaries, Castle Nominees, Castle Fund Administrators