A group of 22 pension schemes have lost a court case against Henderson Global Investors. The schemes were seeking damages from the company over an alleged breach of mandate under agreements relation to private finance initiative (PFI) investments.

The High Court also ruled that they cannot pursue a derivative claim against Henderson Equity Partners (GP), although the group could pursue a derivative action against its sister company Henderson Equity Partners.

However, in order to do so, it would have to “forfeit [its] limited liability and render [itself] liable to creditors of the Partnership generally, as if [it] were the General Partner, for the period during which such claims are pursued”.

The complex judgment determined 10 preliminary issues and considering all the complex issues required a three-day preliminary hearing.

The claimants were also ordered to pay the costs of the preliminary hearing if they choose not to pursue the derivative action against the manager. However, it is not yet clear whether the pension schemes are considering an appeal, or whether they will pursue the permitted derivative action against the manager.

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