Watchstone (LON:WTG) today announced that the Serious Fraud Office have advised WTG that the SFO will not be prosecuting WTG. And I should think so. The real villain is Rob Terry. Golly, it takes a very long time.
Anyway, I think this rather takes the wind out of the sails of the litigation group that fancies extracting damages from WTG. So I have bought another 10,000 at 145p this morning.
The holding company comprising a number of eateries including Raymond Blanc and with 1,300 employees imagine that they are insured against the consequences of Covid-19. Having listened to their CEO describe the relevant clauses in the policy I think he has a good claim against Hiscox. This underlines my view that insurance is so often a waste of time. One should never have it unless it is absolutely necessary. Insurers are not keen to pay out at a time when the insured wants it done.
Which brings me to the point raised by Lords Phillips and Neuberger yesterday about the catastrophic welter of litigation heading for the Courts right now. They recommend arbitration since there is no chance of the established channels coping. (I wasn’t too impressed in quieter times anyway.)