Durlacher is preparing itself for costly legal challenges after disclosing that it had over £500,000-worth of provisions set aside for legal costs at the end of 2004.
Announcing its results today, the investment bank said it had received ‘a small number of complaints regarding the management of certain investment portfolios’ and that legal action had been served.
The company said the £500,000 reflected what the directors saw as ‘the best estimate of the liabilities likely to arise in respect of these complaints’.
Durlacher reported a loss on ordinary activities before tax of £5.4m for the 18-month period to the end of 2004. This compared with a loss of £1.5m for the year ending 30 June 2003.
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