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LC&F administrators sue GC Partners over £20.3m transfers, alleging breach of fiduciary duty and negligence for executing suspected fraudulent payments linked to LC&F Ponzi scheme

Published on: 23 October 2025

Published by a Law360 reporter
Legal News
Article summary

LC&F sues over £20m transfers linked to Ponzi scheme

Administrators, in a High Court filing dated 24 September 2025 and brought on behalf of LC&F, assert that Global Currency Exchange Network Ltd and Global Custodial Services Ltd, which operate jointly as GC Partners, processed transfers exceeding £20.3m while suspecting the funds could be tied to fraud. The claim, only recently disclosed, states GC Partners went ahead despite those doubts, and sets out that the firms handled the instructions under scrutiny for LC&F...

According to the particulars, GC Partners breached fiduciary duties and acted negligently by executing a small number of substantial transactions at the direction of LC&F director Michael Thomson. The pleading further alleges the defendants had reasonable grounds to believe the payment instructions were attempts to defraud LC&F, yet still carried out the transfers identified in the case...

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