Investment firm London Capital & Finance (LCF), whose failure in 2019 triggered one of Britain’s biggest retail investment scandals, operated as a Ponzi scheme, a London judge ruled on Thursday. The high court said former chief executive Michael Thomson and four others had knowingly participated in the fraud, misled investors and misappropriated assets in a ruling welcomed by LCF’s joint administrators, which brought the case. – Guardian

London open The FTSE 100 is expected to open 33 points lower on Friday, having closed up 0.51% on Thursday at 8,071.19.