Brokers

Broker Loses £4.2M Commission Suit But Keeps Intro Fee

By Joanne Faulkner (May 30, 2022, 4:07 PM BST) — A judge has dismissed a £4.2 million ($5.3 million) lawsuit against former peer-to-peer lender Zopa over an investment funding agreement while allowing an intermediary to keep an engagement fee despite breaking financial rules.

Judge Jonathan Klein, sitting on the bench at the High Court, dismissed claims on Friday brought by Kinled Investments Ltd., a Hong Kong company, that it was owed the money as an unpaid intermediary fee. Kinled introduced Zopa to U.S. investment company IAG Silverstripe, which later invested £140 million in the lender.

The judge found that there was no variation to the agreement inked between Kinled and Zopa Group…

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