Shares in Man Group tumbled on Friday after London's High Court ruled that the investment manager could have to pay around $155 million for its part in a corruption case involving Kuwait's state pension fund. The shares were down 7.2% at 298.44p at 1440 GMT, Sharecast reported, making the stock one of the day's worst performers in London.

The ruling followed a year-long civil trial over allegations that Fahad al Rajaan, the former director general of the Kuwaiti Public Institution for Social Security (PIFSS), received illicit payments from financial institutions seeking investment mandates. The trial began in March 2025 and concluded in March 2026.

Two former employees at the centre of the case

The court found that two former Man Group employees were aware that an intermediary was paying bribes to al Rajaan, making two of the firm's subsidiaries liable alongside other defendants. PIFSS had sought compensation of $156 million, plus interest, from the Man Group defendants over allegations dating back to between 1993 and 2013.

Man Group said on Thursday that it disagrees with the judgment, in respect of both liability and quantum. In its own statement, carried by Alliance News, the company described the matter as a legacy case tied to a contract terminated more than 30 years ago, and said it was evaluating its options, including an appeal.

The figures in the judgment are not final and are subject to change. The court has scheduled a hearing in mid-November to deal with matters arising from the judgment, including the exact amount of Man Group's financial liability, which will take account of settlements reached with other defendants, any interest and other costs. The wider case involves claims of about $1 billion siphoned from the Kuwaiti fund over decades.

Sources: Sharecast; Alliance News, via LSE.co.uk.