The Creditors of Independent Insurance Group (CIIG) will ask its members to vote next week on whether to begin its legal fight against KPMG and Watson Wyatt.
The meeting, to be held at the Howard Hotel, Temple Place WC2 on Tuesday 12 March (3pm), will invite creditors to confirm whether to take a group litigation order (GLO). The GLO is the mechanism used by the courts to enable multiple parties to join in legal action against a common defendant or defendants.
A CIIG spokesman said the identity of the defendants would be announced at the meeting. But last year CIIG chairman Kevin Young told Insurance Times that KPMG and Watson Wyatt are prime targets for any action.
The spokesman added: "Our current members will be able to decide whether to sign up for the GLO. As part of this mechanism, we have to announce the amount of money to be claimed which will be one of the issues members will have to decide next week."
He also confirmed that the group has enough funds to take its case to Queen's Counsel.
