Russell-Cooke successfully acted for the Solicitors Regulation Authority (SRA) intervening in the Court of Appeal in a case which is now the leading authority regarding aggregation relating to professional indemnity insurance for solicitors.
The case arose out of 214 underlying claims by investors and beneficiaries of two trusts. The investors claimed against The International Law Partnership (TILP), a firm of solicitors, that the investment structure set up on behalf of TILP’s clients known as the Midas Group, resulted in ineffective security which resulted in losses to the investors. TILP subsequently went into liquidation and had no funds to meet the claims. Their professional indemnity insurers argued that all claims could be aggregated as ‘one claim’ and therefore refused to pay further sums beyond the £3 million limit of indemnity.
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