A recent court case relating to the 2004 Fidentia scandal has found that Old Mutual Unit Trust Managers had a direct duty of care to the Living Hands umbrella trust. Fidentia ‘stole’ the assets due to 50,000 beneficiaries, largely vulnerable minor children, who were the dependants of deceased retirement fund members. The investments were outsourced to Old Mutual, which is taking the case on appeal.
Read more about the judgment here:
citywire.co.za – why-did-old-mutual-make-an-about-turn-in-its-approach-to-fidentia
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