Bid to appeal Old Mutual judgment

Two Old Mutual clients, Rajwantha Mungal and Trevor Freeman, have lodged an application to appeal against a recent Durban High Court judgment that Old Mutual was within its rights to make deductions from the two men's accrued savings after they withdrew their money under adverse market conditions. Old Mutual had appealed in the High Court against a determination by Vuyani Ngalwana, the former Pension Funds Adjudicator, that it should repay what are called market value adjusters, which it had applied to the fund members' savings.