BREAKING: The UK High Court has over-turned a decision to deny legal action by academics against the #USS pension scheme over the handling of the controverisal #2020 valuation. #UCU #USS #UUK
Details follow.
Details follow.
The UK High Court set aside a previous court order and allowed a claim by 2 academics who are pursuing legal action against the #USS directors, as well as against the scheme’s chief executive, Bill Galvin, over the 'flawed' 2020 valuation.
Neil Davies of Bristol University and Ewan McGaughey, of KCL, argued USS directors acted in breach of their duties in conducting “a flawed valuation and predicting a so-called ‘deficit’ as well as proposed cuts that will disproportionately impact women, minorities & young people.
The academics' application will go forward to a full hearing (in the next few weeks) where the judge will decide whether the application should be given permission to go ahead with the lawsuit.
It's still early days for the claim. #USS #UCU #UUK
It's still early days for the claim. #USS #UCU #UUK
In November last year, the #USS said the wide-ranging legal action against them had “absolutely no merit”. pensions-expert.com/DB-Derisking/U…
The High Court legal action against the directors of the #USS pension scheme was Crowdfunded last year crowdjustice.com/case/save-pens…
The directors of the #USS trustee board were meeting today to sign off the controversial 2020 valuation, which will reduce #pensions for thousands of active members.
Questions now over whether the directors can continue to sign off the valuation w legal cloud over its validity.
Questions now over whether the directors can continue to sign off the valuation w legal cloud over its validity.
The next stage for the #USS High Court action is on March 21 - where both the academics and #USS will present their cases to Justice Leech.
The judge will decide whether the #USS claim can then proceed to a full hearing.
The judge will decide whether the #USS claim can then proceed to a full hearing.
Neil Davies, Bristol uni academic and co-claimant in the #USS action, said he was 'happy and relieved' with today's High Court decision but cautioned there was a ‘long way to go’.
"But we are determined to go as far as we can with the claim. The scheme has to be held to account"
"But we are determined to go as far as we can with the claim. The scheme has to be held to account"
Davies added that today's Court hearing was not about the merits of the #USS legal action, but technical aspects of the claim.
The merits of the claim will be contested at the next High Court hearing on March 21, where #USS will also present its side.
The merits of the claim will be contested at the next High Court hearing on March 21, where #USS will also present its side.
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