Slightly off-topic, but did investors lose out in Morrough? I thought the compensation scheme had kicked in;Also I'm not interested in equities (been there, been burnt - thanks to Morrough Stockbrokers, Cork).
Hi Rainyday,
Letter from PWHC (W&R Morrogh [In Receivership] to me dated June 2007 -
"I set up out hereunder the calculation of the net dividends after tax due to you and after deduction of your contribution to the costs of the receivership calculated at 28.5% of the value of clients assets..."
In addition, the shares were short-term investments and were frozen during the receivership period. Meanwhile the stock price plummeted...
This is a very complex issue and difficult to summarize. Here are some source documents.Slightly off-topic, but did investors lose out in Morrough? I thought the compensation scheme had kicked in;
Basically, the max amount of compensation you can expect to receive as an eligible investor if a regulated firm in Ireland fails is up to 90% of the amount lost, subject to a maximum compensation of EUR 20,000, i.e. the EU minimum requirement. See www.investorcompensation.ie/In my innocence, I thought the compo scheme covered all the losses.
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