ADVrider.com
Here’s some good news: Some of the UK pensioners who were ripped off by Norton Motorcycles’ leadership are getting money back.
According to the UK’s Guardian newspaper, a government fund is responsible for the refund:
The Fraud Compensation Fund has paid £9.4m to the three retirement schemes that collapsed during the Norton Motorcycles pension scandal, more than a decade after victims had seemingly lost their life savings.
Way back in 2020, one of the biggest stories in the motorcycle world was the epic meltdown of Norton Motorcycles, which went from being a prestigious Brit bike brand (or at least portraying itself as such) to a joke over the course of a few weeks. That winter, Norton’s management was unable to stave off problems with The Tax Man, and when those woes came out in the open, many other stories came out, revealing dishonest business practices and unhappy customers.
In the aftermath of the company’s meltdown, India-owned TVS (who builds bikes for BMW) bought Norton, investing big bucks into turning the manufacturer around and establishing production again. But that didn’t do much for the pensioners who’d lost all their retirement savings in the company’s collapse. Now, the British government has stepped in instead.
It’s too late for some pensioners, who’ve died in the years since Norton went bust, but many others will receive a payback of hard-earned money—and good for them. It should have been done sooner, but first Stuart Garner (big boss of Norton, who’d siphoned the pension money off into other businesses) declared bankruptcy, and he couldn’t be forced to pay the investors back. That left the UK government’s Fraud Compensation Fund as the only way to see some money restored, but red tape delayed that process and is reportedly still delaying the process despite approval. After confirming it’ll pay out to Garner’s victims, the fund must still determine which victims are owed how much.
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