Watson Wyatt says Credit Lyonnais case dismissed

UK – Pension consulting firm Watson Wyatt says the negligent advise case brought against it by Credit Lyonnais has been dismissed.

“The Credit Lyonnais case has been dismissed, with no payment made to either side,” said spokesman Bruce Wraight.

He said: “There has been coverage in the press concerning an action brought by the Credit Lyonnais Group of companies against the former firm of Watson Wyatt Partners.

“The allegation relates to work done in the period 1996 to 1999. The trial commenced on 12 May 2005. The Claimants have agreed to their action being dismissed upon terms, which are confidential to the parties. No payment has been made in respect of the outstanding claims before the Court by either side to the other.”

And he said the firm has also had another case against it dismissed last week, involving the Joint Provisional Liquidators of Cotesworth Capital Ltd.

Credit Lyonnais first filed a claim against Watson Wyatt almost two years ago claiming negligent advice.

Credit Lyonnais Securities and the trustee company of the French Bank’s UK pension fund, Credit Lyonnais Trustees Ltd. filed the claim against Watson Wyatt LLP, Watson Wyatt Partners and Watson Wyatt Worldwide on March 28, 2003.

In March the Watson said it felt it was going to win the claim. Legal experts expressed doubts to IPE that the action would succeed but suggested that if it did it could “open the floodgates”.

Credit Lyonnais had expected to “to recover more than £15,000”, according to the claim.