Forex lawyers to complaints vs brokers/networs and class action

Angel ren

Sergeant
Messages
219
I
Chargebacks are generally cheaper and more effective that lawyers. What's needed is a good lawyer in Israel who can survive when the worst forex brokers decide it's time to eliminate anyone who costs them money.
It was too late for chargeback when I realised it was a problem! That is why I want to know if anyone has alternative solution to suggest.
 

Pharaoh

Colonel
Messages
19,905
I think you usually have 60 days for a chargeback...
That varies. In some cases, if you can show fraud, the deadline can be as long as 540 days.

The problem is that banks are very good at interpreting (and misinterpreting) Visa and MC rules to suit themselves. That's why I recommend at least a quick consultation with WinChargeback or other reputable chargeback specialist if you can't get the bank to cooperate.
 

Stung

Private, 1st Class
Messages
33
This is an email I received today, and hopefully it is the start of some good news, please pass on to as many people affected as possible so they will have the opportunity to get some closure.

Good evening


I write to confirm receipt of your previous enquiry in relation to a potential claim against Banc De Binary.


My name is Joanna Bailey and I am an Associate Lawyer within the Financial Services, Forex & Binary Options Litigation Department at Giambrone.


I am the main point of contact within the team and I usually work between 9.30am and 5pm GMT. I sympathise with your situation and can only say that the position you find yourself in is not unique.


I would like to reassure you that our lawyers in the Forex & Binary Options Litigation Department have an excellent proven track record of successfully recovering investors’ funds internationally. We have successfully represented hundred of individual investors in binary options, forex and securities fraud lawsuits and arbitrations worldwide, with combined claims of millions of dollars. We have recovered more than $16m in 2016 alone and our lawyers are frequently featured on national and international newspapers and TV as experts in their field for their skills in successfully pursuing forex and binary option brokers worldwide.


Banc De Binary - Group Litigation


In the last couple of months, perhaps due to increased media attention worldwide, I have been investigating a substantial volume of complaints of fraudulent binary options trading by investors against Banc de Binary. It appears that most of the background facts surrounding the operation of the company are similar amongst our clients so we are considering the possibility to issue a class action/group litigation action against Banc De Binary Ltd and all of its affiliated companies.


As you may be aware, in March 2016, a US federal Court ordered Banc de Binary Ltd., ET Binary Options Ltd., BO Systems Ltd., BDB Services Ltd. and its owner Oren Shabat Laurent to pay more than $9 million in restitution and a civil monetary penalty to U.S. customers who traded the illegal, off-exchange options offered and for violating the CFTC’s Ban on Trading Binary Options Off-Exchange. The Order also imposed a permanent ban on offering or trading any further off-exchange binary options to U.S. customers. We are trying to ascertain whether such Order could help us in bringing similar proceedings in the UK for non-US based investors.


Litigation Funding


I have recently been involved in discussions with potential litigation funders in the City of London. Litigation funding is also known as legal financing and third-partyfunding, enables a party to litigate or arbitrate without having to pay for it. If I receive enough enquiries/confirmation of instructions to proceed with the proposed class action then you may become eligible for such litigation funding. The external funder agrees to pay your legal fees in return for a success fee that will be deducted from any compensation recovered.


This would mean that you would not have to pay anything up front for the litigation against Banc De Binary.


In order to be eligible for Litigation Funding however, we must first meet a minimum threshold in relation to the value of the claim as a whole. Additionally, the claim must obviously have sufficient prospects of success.


I have been made aware of the existence of various open and closed groups on Facebook, LinkedIn and several forums where people in circumstances similar to yours have requested legal help or assistance to recover their losses. Should you have access to any of these groups, perhaps you would consider sharing this information and the below link with them in order that we can collaborate as many claims as possible in order to become eligible for the litigation funding:


http://www.giambronelaw.com/site/ne...forex-binary-option-litigation-banc-de-binary


I have approached a specialist Financial Services Barrister to prepare a preliminary advice on prospects of success, that I can go back to the funders with to strengthen our application.


I look forward to hearing from you if the above is something which you would be looking to proceed with and in the meantime, please do not hesitate to contact me if you know of anyone else who is in the same position as yourself. As I need to manage multiple claimants in a structured way, and as I am attempting to keep Banc De Binary victims completely separate from any other brokers that our department assists with, I would be grateful if any new instructions and details of your claim could be forwarded to myself directly.


In the meantime, I would like to thank you, once again, for your enquiry with Giambroneand look forward to working with you to assist you with the recovery of your losses.


With best wishes,


Joanna











Joanna Bailey Associate | GIAMBRONE T: 0044 207 183 9482 E: joanna.bailey@giambronelaw.com W: www.giambronelaw.com | www.giambronelaw.it


* BestFull Service Law Firm of the Year (Italy)| Finance Monthly Awards 2016

* Best Law Firm of the Year |Litigation & Alternative Dispute Resolution(Italy)| M&A Today

* Cross Border Litigation Law Firm of the Year 2014 | Global Law Experts



Emails sent from giambronelaw.com are sent for and on behalf of Giambrone. The email and any attachments are confidential, legally privileged and protected by copyright. If you are not the intended recipient, dissemination or copying of the email is prohibited. If you have received an email in error, please notify the sender by replying by email and then delete the email completely from your system. Giambrone is authorised and regulated exclusively by the Italian Law Society. VAT No: IT05470850826. Giambrone is the trading name of Studio Legale Giambrone in Italy. Notice: Giambrone does not accept service of court proceedings, other processes or any formal notices of any kind by email without specific prior written agreement.
 

dannycsl

Private
Messages
23
Yes, I received the same email as well. Everyone please help to notify the other victims in this blog or other blogs as well about this news.
 

Beautyqueen

Recruit
Messages
6
[langtitle=it]Forex lawyers to complaints vs brokers/networs and class action[/langtitle]

I'm going to prepare many class action to brokers frauds, Bancs and network.
The International lawyers are these GiambroneLaw.com
In attacched the model to enqueries View attachment 18713
I send all to c.boccadutri@forex-lawyer.com
Are there any lawyers that don't charge upfront fees? I am very wary of paying someone until the matter settles. They still get their money .
 

4evermaat

2nd Lieutenant
Messages
1,906
Are there any lawyers that don't charge upfront fees? I am very wary of paying someone until the matter settles. They still get their money .
Although you feel that way, this is exactly the emotional response that "recovery room scammers" rely on. Why would a lawyer or any bonafide recovery service (that is for-profit) do it for free? A contingency-basis contract would mean there has to be something in it for the service provider also that would offset the costs (e.g. experience, publicity of high profile case, etc). I thought about this for a while; some of these victims threw upwards of $100k+ into "investments" that they were poorly informed about and then want 100% free help after the fact? You want something for nothing, which is usually the #1 reason you got scammed in the first place.

Not trying to be harsh. But just look at the FPA scam alerts forum. These are mostly volunteers helping you get justice! Imagine if these volunteers got 10% gross fee for helping to recover funds. Who would need to trade forex then? And although the reported "recovery rate" is somewhat dismal IMO, it is certainly better than if FPA didn't exist at all. Certainly not so dismal if you include the countless people who have been able to avoid being scammed as a direct result of the investigations, reviews, and scam alerts posted @ FPA.

@AsstModerator actually wrote about this on the 2nd page of this thread about the unlikelihood of this free professional help occurring. I will quote it here:

Pharaoh, thanks for sending me the heads up. I'd also like to quote what you wrote in another thread...

"I haven't yet seen any US law firm take on a forex case (even against a US broker) on a no win, no fee basis. People also need to read the fine print on the typical ambulance chaser advertisement. There's usually a line about the client covering costs (which are separate from fees collected if there's a winning case). Even in the rare cases of absolutely zero upfront costs, fees, etc., no lawyer will take those for anything other than the easist cases or cases which might result in huge settlements and lots of press coverage. How many US lawyers are going to invest the time and expense to go after Israeli firms hidden behind multiple layers of offshore shell corporations (which can declare bankruptcy or just deregister themselves at a moment's notice). Just finding the best jurisdiction to sue them in would require large amounts of time and effort.

Hiring an international law firm for one-on-one representation is expensive. Most firms don't just whip up a pair of letters in 20 minutes and send them out for vast sums of money. A good firm will want to see evidence and will do some of it's own research on the target company. This can make those letters very expensive. Sure, you could find a lawyer in a strip mall who would write something up for $100, but the broker can take 10 minutes on Google to find that the lawyer handles local cases and is no real threat to them.

On the other hand, if you are lucky and a law firm about to do a class action lawsuit, you can get representation for a lot less money. All the research on best jurisdiction and where the money is likely to be hidden has already been done, so your odds are much better than going out there with just yourself and single lawyer or very small law firm.

Sometimes the law firm's fees are carved out of the winnings of the client(s). Sometimes a major victory can include legal fees (just never count on this). In many cases, it comes down to "How much are you willing to spend to try to get back even some of your money vs letting the scammers walk away with every cent?
"


Allow me to add my own experience. A few years ago, a US broker decided to try to sue some traders in Federal Court while claiming the traders somehow forced the broker to accept false prices - and offered to drop the suit if the traders would admit guilt and not file any claims with US regulators. One of those traders was an FPA member. I examined the trading records of this member and believe that he was innocent. It looked like an easy case. I had a contact at a US law firm that had dealt with forex cases. I told them that the trader's money was all tied up in the broker's account and he needed help. I offered to have the FPA cover the case step-by-step as it proceeded through the legal system. I laid out that I'd use FPA resources to make sure that everyone in the forex community knew the broker was the place to go for issued with US brokers.

The lawyer declined. Every other lawyer contacted declined.

If anyone knows of even 1 US lawyer who will take a case against a US broker for no upfront fees or costs, I will make certain that all FPA members know about it.

If anyone knows of a lawyer anywhere ready to go out, find the people behind some of these offshore brokers and file a case for no upfront fees or costs, I'll do the same. The closest I've seen so far was Phoenix Advisors appears to have 1 lawyer who handled 1 case for free. To the best of my knowledge, they are not equipped to deal with a significant number of cases. If this changes, I'll be very happy to spread the word.


A class action lawsuit against major brokers is big news. Check and see how many complaints there are against IronFx, NRGBinary, and the other brokers named in the Giambrone Press Release. If it has even a tiny chance of winning, I'd be harming FPA members by hiding it. Instead, I consider finally having a law firm with the capability and willingness to launch cases like this to be a huge step towards protecting FPA members and traders worldwide.

There is a fee for the class action suits, but I believe it will be less than anyone has reported paying to be a single client being directly represented. The final up-front fee will be at least partly dependent on how many people sign up. If anyone knows of a 100% fee-free class action lawsuit against any forex or binary broker, please post a link to it and I will see that it gets well publicized at the FPA. In the meantime, the only impending class action lawsuits currently active which I am aware of are the ones by Giambrone. I've heard rumors of a couple of such suits in the past, but haven't seen any results or heard any updates.
BTW, I am not endorsing Giambrone.
 

Beautyqueen

Recruit
Messages
6
What I meant was that the legal representatives get paid upon recovery of funds . Thanks for your nice comments . So I deserved to be scammed ! We thank you very much . I don’t appreciate your smart mouth comments . Are you going to help me? Of course you won’t .
 
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