THE FINANCIAL SERVICES COMMISSION (FSC) has asked the Barbados Investors and Policyholders Alliance (BIPA) to hold off the $128 million lawsuit it is preparing to recoup lost money for its members, but the group is adamant that it has waited too long and will proceed full steam ahead with the action.
The only way it will stop, BIPA’s attorney Alair Shepherd QC told the WEEKEND NATION, is if the Government steps in to ensure the policyholders don’t lose out on their investments.
The wait and see suggestion from the FSC came in a January 28 letter responding to the pre-action protocol letters sent to several parties, including 13 CLICO and British American Insurance Company (BAICO) directors, auditors PricewaterhouseCoopers, the Attorney General, and the Supervisor of Insurance whose office has now been subsumed under the FSC.
The correspondence sent by Shepherd gave each of them two weeks to respond with either a convincing settlement offer or plausible reasons why the action should not be maintained.
