UK - The dispute between a group of 30 pension funds and Henderson Global Investors over the management of two of its PFI funds has shifted up a gear as some of the biggest names in the UK pensions industry were named as being party to the case.
The roll call of investors participating in the legal action includes BAE Systems, BC&E, BBC, British Steel, Bupa, City of Edinburgh (Lothian pension scheme), Fenner, Kent County Council, Magnox, Nestle, Railpen, Scottish & Southern Energy, Smurfit Kappa, South Tyneside, Tesco, Oxford Investments and a Cambridge University endowment fund.
Most of the funds are clients of Aon Consulting, Towers Watson and Hewitt Consulting.
Ashurst is advising the pension funds, with Iain Milligan QC as lead counsel.
Henderson was previously advised by CMS Cameron McKenna and Clifford Chance, but is now being advised solely by the latter.
Henderson chief executive Andrew Formica and chairman Rupert Pennant Rea are leading the negotiations with investors.