The law firm Giambrone are considering a class action/group litigation action against the Banc de Binary/Option FM Group and all of its affiliated companies, encouraging all victims to join and raise the profile of the proposed Group Litigation Action !! details listed below:
Most of the background facts surrounding the operation of the company are similar among our clients so we are considering the possibility to issue a class action/group litigation action against the Banc de Binary/Option FM Group and all of its affiliated companies. I am also considering adding its directors personally to the proposed legal proceedings if I have sufficient evidence to enable us to lift the corporate veil.
Group Litigation
By being part of a group, legal advice and documentation can be shared between the claimants. Often advice can be used across the group whereas if each case was litigated individually each person would need to obtain their own advice, and incur the cost of the advice on their own.
By coming together as a group the risk of paying the other side’s costs can be reduced and group litigation funding arrangements can be put in place which can reduce the costs risks and as a group these arrangements may often be more favourable than funding arrangements for individuals.
Usually test cases are selected from within the group so the rest of the group members benefit from the decisions in those cases. By collectively funding the test cases the costs of bringing these cases are reduced as well as shared and often a fraction of the cost of bringing an individual claim; Defendants in these types of claims are often large multinational companies and the group collectively enjoys the resources to fight on an even playing field.
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.
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.
Updates
I will try to give you an update as frequently as I possibly can but you can imagine that we have been inundated with new enquiries and requests for assistance over the last week since the announcement went live on our website. Once the situation becomes more stable, we can set up more effective channels of communication between our firm and the BdB/OptionFM Group.
It would be in everyone’s interest to help me raise the profile of the proposed Group Litigation Action by sharing our contact details online and with anyone else who may have been involved with BdB/OptionFM.
The useful links to share as these:
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http://www.giambronelaw.com/site/ne...forex-binary-option-litigation-banc-de-binary
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http://www.giambronelaw.com/site/ne...de-binary-is-shutting-down-its-binary-options
Contact Details:
Joanna Bailey, Associate (Financial Services Litigation Group) – Please ask for Helena, Brendan or Anne Gadd if I am unavailable to take the phone call.
Email:
Joanna.bailey@giambronelaw.com
Telephone: +44 207 183 9482
