Banking Crisis
Investors Form Action Group Over AIG Fund, Consider Suing Banks
Hundreds of high net worth clients who have been denied access to
their money after
AIG Life closed its Enhanced fund to withdrawals last month
are considering suing the banks which advised them, according to
a report in the UK’s Independent newspaper.
When closing the Enhanced fund, AIG said that investors could get
back a minimum of half of their money now, but would have to wait
three years if they wanted to reclaim the remainder without loss.
Alternatively, they can cash in their entire investment in
December, with the possibility of losing as much as 25 per cent,
according to the report.
Investors, who have started a website, www.aigvictims.org, claim
that banks including UBS, Barclays Wealth, HSBC and Coutts are
among those who recommended the bond. WealthBriefing
understands that customers of Lloyds TSB were also recommended
the investment.
The group, which includes BBC TV presenter Jeremy
Clarkson, is also meeting in London to discuss how to
proceed.
