Aviva in peril

Chomeur

Shocking article here http://www.independent.co.uk/news/business/news/maxherve-george-the-man-fighting-a-merciless-legal-war-against-insurance-giant-aviva-10168427.html.

I'm surprised that he has a claim against Aviva as the article suggests. Surely if Aviva bought the French company that wrote these stupid contracts then the French company will have become a subsidiary of Aviva and his recourse stops with the French company. But seemingly a different arrangement is in place.

And that gets me worrying. I have a pension with Friends Life, about to be bought by Avivia. Will the same arrangement that apparently gives this guy recourse against Aviva give him recourse to Friends Life with profits funds?

kidmugsy

Relax: an American or Russian company will take over Aviva and get the guy bumped off. End of.

Chomeur

kidmugsy wrote: »

Relax: an American or Russian company will take over Aviva and get the guy bumped off. End of.

Yes it would be interesting to know why he chooses to live in Switzerland now.

mania112

I would assume that, legally, Aviva France is it's own entity -- and therefore it's only this company that is at risk. clients of Aviva UK should be immune from failings of Aviva France.

I could be wrong though?!

Chomeur

mania112 wrote: »

I would assume that, legally, Aviva France is it's own entity -- and therefore it's only this company that is at risk. clients of Aviva UK should be immune from failings of Aviva France.

I could be wrong though?!

Yes the article doesn't actually explain this:

"At least 30 others – and maybe many more – are said to have a similar claim on Aviva France which might ultimately have to be settled by its British parent company."

Sounds like it's just speculation.

jamesd

It was completely routine for unit trusts to be traded on the basis of the last closing price until people exploited that too much. That's why they now trade at the price of the next day's price instead of the last day's.