I am thinking of joining up. Is there anything I should be doing at this stage?
Once you have signed up 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.
How will the litigation operate with numerous Claimants?
Managing the litigation will be relatively straight forward, owing to the shared interests and commonality of issues within the group. 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.
It is likely that the Court will order that a select number of individuals within our client cohort be used as test Claimants. The outcome of the test cases at trial (or if the subject of a negotiated settlement) will be binding on the other claimants.
Will I have to give evidence in court?
As advised above, this litigation consists of a substantial number of Claimants, the court will likely 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. If your case is selected as a test case and it goes to trial, you will need to attend and may need to give evidence in court. We will discuss this in more detail with you in advance of this happening.
Who will cover my legal fees if you don’t win the case?
We act on an entirely no win no fee basis (see the page about Conditional Fee Agreements). This means, if you don’t win, we do not charge you any legal fees for the work we have done.
We have also secured a bespoke After the Event (‘ATE’) insurance policy on behalf of our clients This means that, in the event the claim is not successful, our clients are able to call on the insurance policy to pay any adverse costs due to the defendants up to a specified level.
The premium is due in stages, and if the claim settles prior to all the instalments being paid, any remaining payments fall away. The initial insurance premium will be wholly funded by YLF during the case and only payable by the cohort at the end of the case out of damages if the case is successful. The premium is also insured, which means that if the policy is called upon, one of the things it will pay out is its own premium.
If the case is successful, the cost of the insurance policy and our success fee will be deducted from our client’s damages.
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).
How much do you expect investors to get back if the action is successful?
We anticipate our clients to be put back into the position they would have been in had the advice they received from both Defendants been correct. The specifics of that amount are individual and unique to each client.
Have you been involved in a case like this before? What is the likelihood of success?
We have been involved in a number of other group litigation actions and are experienced in this type of litigation.
How confident are you that this case has prospects of succeeding?
We have undertaken a significant amount of investigatory work and, together with our appointed barristers, consider the case has good prospects of success. When the actions of both Defendants are judged against their statutory and professional requirements and standards, it is clear that the service they provided the investors fell short.
What is the worst case scenario for me if I joined up?
The worst case scenario would be that your case is unsuccessful and that you recover no damages. However, as previously stated, we act on an entirely no win no fee basis. This means, if you don’t win, we do not charge you any legal fees for the work we have done.
What is the best case scenario for me?
That you are awarded not only your deposit by the Court, but also interest; in addition to loss of chance of being able to have used your deposit money in alternative investments.
Are you only claiming for the deposit? Can I claim for the loss of profit from the failed development?
We are not only claiming for the deposit, but interest also. Furthermore, we will be claiming on behalf of a number of our cohort the loss chance of being able to have used the deposit money in alternative investments.
You cannot claim for loss of profit from the failed investment, as regardless of Strathearn and Wilson’s involvement, the development would have failed in any event. The development did not fail as a result of negligence on Wilson’s part, nor as a result of Strathearn’s breach of statutory duty.
Are you making a claim to the Financial Ombudsman?
No. The claim we are making against Strathearn is a Civil Action.
Are there any time limits?
Yes. You must issue a civil claim against the Defendants within 6 years from the date of exchange of contracts on your unit. After this point, your case will become statute barred and you will no longer be able to claim for damages in relation to Strathearn and Wilson’s involvement in this matter.
Can I make a claim to the Financial Ombudsman as well as make a claim with you?
No. You cannot pursue more than one method of recovery for the same loss, otherwise it would be possible to be compensated twice, which is categorically disallowed.
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-ProfNeg@yourlegalfriend.com to speak to our Professional Negligence team about the next steps in the process.