The FCA has settled a claim against solicitors Lupton Fawcett LLP in respect of work undertaken for the Qualia Group by a former member of the firm.
The FCA previously brought a successful claim in the High Court against a Qualia director in relation to the company taking around £57m from 380 investors in an illegal “Ponzi-like” care home investment scheme. The claim against Lupton Fawcett was issued before the outcome in the main proceedings against Qualia, and alleged that the firm was knowingly concerned with the promotion of collective investment schemes operated by the group. It sought an order requiring the defendant to compensate affected investors in the schemes.
The claim has now been settled on confidential terms, and the FCA will be contacting UK-based Qualia investors to arrange distribution of funds.