Trustees’ misunderstanding of pension fund transfers leads to dismissal of claims against financial advisors

Court of Appeal upholds the High Court's decision dismissing the trustees' claims against financial advisors, finding that the trustees' belief that pension funds were simply placed on deposit was not credible. The appellants, trustees of a pension fund, had alleged misappropriation of €6.9 million by previous pension trustees and sought remedies including the return of funds and tracing into property. The trial judge dismissed the claims against the financial advisors, except for a nominal damages award for data breach, and did not draw adverse inferences from the advisors' absence of evidence. The appellants' appeal focused on evidential issues, particularly the admissibility of documents and the credibility of key witnesses. The appellate court found no manifest error in the trial judge's discretion and concluded that the appellants failed to establish their case on the balance of probabilities.