High Court scrutiny for Aviva's reattribution of 1.2bn estate

AVIVA is to appear in the High Court today to seek approval for its plans to reattribute a &pound;1.2bn inherited estate, in a case it expects will conclude in its favour in just two or three days.<br /><br />The insurer has offered investors &pound;500m to sign away their rights to the estate &ndash; made up of assets, built up by Aviva funds, that were never needed to meet obligations to policyholders.<br /><br />Around 20 furious investors who believe they should be given more under the deal will testify in court today. Peter Vicary-Smith, chief executive of Which?, accused regulator the Financial Services Authority of handing Aviva &pound;300m &ldquo;on a silver platter&rdquo; by not objecting over the weekend.<br /><br />But Aviva said so far 85 per cent of affected policyholders have voted on the inherited estate plans and 96 per cent of those were in favour.