Embattled Sipp provider Berkeley Burke has been ordered to pay almost £1m to cover the legal costs of investors left out of pocket after making high-risk unregulated investments.
The sum comes from failing to comply with a court order that saw hundreds of claimants take legal action to recover their losses.
The court order obtained by Money Marketing shows Berkeley Burke must cover the interim payment of a group litigation order to the tune of £987, 799.52.
Guildhall Chambers barrister John Virgo obtained a group litigation order for a group of claimants seeking damages against Berkeley Burke for unsuitable investments.
He represented the claimants throughout the proceedings and secured the order, resulting in Berkeley Burke having to pay almost £1m as an interim payment on account of the claimants’ costs as well as the costs of the claimants’ application.