St Albans finance companies go into administration

PUBLISHED: 13:01 20 October 2009 | UPDATED: 14:33 06 May 2010

TWO St Albans-based financial firms affected by the collapse of US bank Lehman Brothers have gone into administration. Sister companies NDF and Defined Returns Ltd (DRL), which together have 35,000 customers, sold Lehman-backed structured financial produc

TWO St Albans-based financial firms affected by the collapse of US bank Lehman Brothers have gone into administration.

Sister companies NDF and Defined Returns Ltd (DRL), which together have 35,000 customers, sold Lehman-backed structured financial products to around 10 per cent of their customers.

But now that the firms have gone into administration, affected customers must seek compensation from the Financial Services Compensation Scheme, which helps people who lose money if their bank, insurance company or other financial firm goes into administration.

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