The Prudential judgment was published in late April and our lawyers have been carefully considering it. While the Prudential scheme members lost, the judgment is helpful to us in that it clarifies the issues that are common to both the Prudential and the S&N Schemes.
 
The S&N Scheme is governed by Scots Law, whereas the Prudential Scheme is regulated by English Law. Because of the, sometimes fundamental, differences between the two legal systems, the Prudential judgment may provide an opportunity for us which was found not to be relevant in the Prudential (English Law) case. We are planning to seek further guidance on this from Counsel.