March 13 2014 Latest news:
Thursday, December 6, 2012
A director of Tottenham Hotspur says one of the UK’s most famous banks gave him negligent investment advice and is claiming millions in damages.
Businessman Sir Keith Mills, who was also a leading member of the body which staged the London 2012 Games, says he lost out after asking Coutts to advise him on investing £65million five years ago.
A judge today began hearing argument from lawyers representing both sides at a High Court hearing in London.
Sir Keith, who is a non-executive director of Tottenham and was deputy chairman of the London Organising Committee of the Olympic and Paralympic Games (LOCOG), says if he had been “properly advised” he would have chosen “less risky” investment options.
He is asking Mrs Justice Asplin to assess damages at a hearing expected to last several days.
Simon Salzedo QC, for Sir Keith, today told the judge that Coutts had admitted acting “negligently” but damages had not been agreed.
A Coutts spokeswoman said outside court: “We have taken the decision not to dispute the advice provided to Sir Keith Mills in relation to this product.
“However, while we regret that a client matter has ended up in court, we have been unable to agree to Sir Keith Mills’ claim as to the actual loss that he suffered in relation to this product.”