STM Group, the cross-border financial services provider, said on April 11 that it had been informed by the Supreme Court that its request for leave to appeal the judgment of the Court of Appeal in the case long-running Adams vs. Carey had been overruled.
The original case was heard in March 2018 and relates to an investment made in 2012, prior to STM’s acquisition of Carey UK Pensions LLP in February 2019, STM said.
“A condition of the acquisition was indemnification of any claims in the Adams v. Carey case, with the benefit of significant existing IP coverage held by the sellers.
“The decision therefore does not directly impact STM’s exposure in this case, but it will have implications for the financial services industry more broadly.”
International Investment reported on April 16 that STM, the parent company of Options (formerly Carey Pensions), issued a statement indicating that following conversations with their auditors, Deloitte, the 2020 year-end results of the company would be delayed and that they were expected to release now in early May.
“A significant exercise is underway to determine whether the decision triggered an event that would require the inclusion of a provision, as defined by accounting standards, in the Company’s financial statements and, if so, the realization of audit tests,” the STM said.