Pension funds accuse Henderson of 'delaying tactics' in court case
UK - A group of pension funds is accusing Henderson Global Investors of engaging in delaying tactics, as two of three defendants to a writ served on the group at the High Court last year have failed to respond.
Twenty-three investors, largely pension funds, are suing Henderson for alleged breach of mandate and misrepresentation of the Henderson PFI Secondary fund II LP, which invested £1bn (€1.2bn) on the acquisition of construction company John Laing in 2006.
Following months of unsuccessful out-of-court negotiations, solicitors to the pension funds, Ashurst, served a writ on Henderson on 6 December 2011.
The defendants on the writ are listed as "Certain Limited Partners in the Henderson PFI Secondary Fund II LP, Henderson Equity Partners Ltd and Henderson PFI Secondary Fund II LP (a firm)".
A spokesman at Henderson said two of the defendants had not responded for "technical reasons" and that they would not be responding to the writ until the end of the year.
Henderson denies all the allegations and says it will defend itself vigorously in court.
A person close to the pension funds involved in the case who wished to remain anonymous expressed dismay at the delay, saying: "It is clear to us Henderson are either deliberately engaging in delaying tactics, or are hiding their heads in the sand.
"They seem to think we will go away, but we won't. We are determined to see justice done."
Ashurst declined to comment.