I am thinking of joining up. Is there anything I should be doing at this stage?
Once you have signed with us as a client, we will contact you to explain what next steps we will take and what next steps you will need to take to assist us with investigating your claim. However at this stage we recommend that you retain all the paper and electronic records that you hold of your investment transactions and information viewed when making your investment decisions (where possible).
Please also note that any advice, information, or documents produced by our legal team directly to you concerning the progress of the claim and/or its merits must not be reproduced or reported on social media or forums/bulletin boards. Such information will be confidential and privileged and must not be reproduced or placed in the public domain.
What kind of investments are you investigating?
Our primary focus is the ‘Secure Exit Strategy’ (SES) model employed in developments such as Enterprise House. Common features of these investments include:
- units in large hotel/leisure/student accommodation developments
- fixed term investment periods usually lasting 24 – 36 months
- no obligation to purchase the unit(s)
- guaranteed profits upon sale or re-purchase of the units by the developers.
Provision of deposit protection bonds to provide security in the unlikely event of developer default
How does Group Litigation work?
Any party to what is expected to be a multi-party action in the English courts (e.g. involving a significant number of claimants) can apply to the court at an early stage for a Group Litigation Order (GLO). The court will need to be satisfied that there are common issues of fact and law arising in all of the proposed claims which would make it desirable for a GLO to be made.
If the court makes a GLO, then it will give directions for the management of the case to trial. In very simple terms, these directions will normally identify the legal and factual issues to be decided in the litigation, identify a number of test cases that will be heard and determined at trial, set dates by which evidence (in documentary, witness statement, or expert evidence form) will need to be produced, and set a date for trial. The outcome of the test cases at trial (or if the subject of a negotiated settlement) will be binding on the other claimants who have registered to join the GLO.
The aim is to co-ordinate the management of the cases to improve efficiency, reduce costs and court time allocated to deal with the claims, and eliminate significant duplication between similar cases in areas like expert evidence.
Is Group Litigation the same as a US Class Action?
The legal system in America is different to the legal system in the UK. Multi-party actions in America are referred to and run as “Class Actions”. In the UK they are referred to as “Group Litigation” and are subject to different procedural rules and legal tests.
Will I have to give evidence in court?
The claim is currently in its early stages. If court proceedings are to be issued, then we will be seeking at an early stage an order that the case is conducted as a Group Litigation claim (see FAQ regarding Group Litigation). In Group Litigation, the court will normally select a small sample of test cases to be determined at trial and the rest of the claims will be bound by the outcome of those test cases.
Who will cover my legal fees if you don’t win the case?
You may already have a policy of for legal expense insurance in place which may cover you for a claim of this type. If not, we are currently active in investigating a number of funding options for our clients including ‘After the Event’ insurance (ATE).
Do I have to pay anything up front?
No. We are currently retaining clients on a ‘No Win, No Fee’ basis, meaning you will only have to pay us if the case is successful (for a further explanation, please see our page entitled Conditional Fee Agreement (CFA).
I want to instruct you to investigate and deal with my potential claim. What do I do next?
Contact us by telephone on 0808 149 4188 or by email to Team-CRT@yourlegalfriend.com to speak to a Claims Advisor about the next steps in the process.
I have a failed investment in another development and was advised by the same solicitors. What should I do?
We are interested in hearing all professional negligence cases relating to advice from these firms of solicitors. Please contact us to discuss how we can take your case forward.