BLG, Taylor Wessing sort out pension fund affray

Taylor Wessing and Barlow Lyde & Gilbert (BLG) have brokered an amicable settlement in relation to a pensions dispute between Crédit Lyonnais and Watson Wyatt.

The Crédit Lyonnais Group Management UK Pension Scheme filed a claim against Watson Wyatt in February, alleging that the actuaries had overstated the scheme’s funding position.

The claim followed a February Court of Appeal judgment in a similar negligence action brought by Irish company Precis against actuaries William M Mercer, which ruled that the actuaries were not solely responsible for losses made in Precis’ pension scheme.

Watson Wyatt instructed BLG partner Simon Konsta to defend the claim, while Crédit Lyonnais plumped for Taylor Wessing’s Neil Smith, who has been advising the pension scheme trustees for several years.

The trial started in the High Court on 12 May and was listed for five weeks. But last Monday (16 May), the parties announced that the claim had been dismissed with no payment on either side.

Smith instructed Outer Temple Chambers’ Andrew Spink QC, while 5 Stone Buildings’ Andrew Simmonds QC represented Watson Wyatt.

Watson Wyatt is also celebrating the early dismissal of another negligence case brought against it by KPMG in relation to the collapse in 2001 of Lloyd’s of London member Cotesworth Capital. In that case, CMS Cameron McKenna was instructed by the actuaries. SJ Berwin instructed on Jesta City acquisitionAshurst, Freshfields advise on gaming takeover A&O, CC take lead roles on 3i directory sell-off