Tuesday, April 21, 2009

MFS boss sued for $1 billion

Posted by Plus Master at 8:04 AM
 

MFS founder Michael King and the auditors to his failed financial services empire are at the centre of a $1 billion lawsuit launched by disgruntled investors.

The legal action, filed with the Federal Court last Friday, is seeking damages on behalf of eight investors in the frozen Premium Income Fund (PIF), which is now under the control of Jenny Hutson's Wellington Capital.

The investors have targeted several former MFS directors, including Mr King, Craig White, Michael Hiscock and Paul Manka.

The respondents were all board members of MFS Investment Management, the responsible entity of PIF until Wellington Capital's takeover in October last year.

Read the full story here on the GoldCoast.Com website.
POSTED IN Accountants

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