Will an action against Quindell PLC damage the value of my remaining shareholding?
If sufficient numbers of investors and former investors succeed in claiming or negotiating the payment of enough compensation from Quindell PLC, there is a possibility that there may be some adverse impact on the share price depending upon how the market perceives this news. We cannot provide you with any financial advice regarding how to deal with your share holding and are not regulated or authorised to do so. You should seek independent expert advice in this regard. Each investor needs to make their own decision in this respect based on their personal circumstances and views on the prospects of Quindell PLC, the scale of their losses and the potential for recovering compensation.
What about those who have taken a position in Quindell via CFDs (Contracts For Differences), spread betting or other financial derivative products. Can they bring a claim?
We have identified s.90A FSMA 2000 as the main route for advancing a potential claim against Quindell for breach of statutory duty on behalf of individual investors.
This appears to apply only to direct investors in shares of Quindell plc and would not apply to those who took a position by way of a CFD or other derivative product. Therefore we are not offering to act for investors in derivative products under the terms of our CFA at this time.
At this stage we are happy to record the details of losses and circumstances applying to investors in derivative products in order to meaningfully investigate and identify alternative viable routes to claim on behalf of such investors in derivative products, but we cannot promise more at this time.
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 share 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 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 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 against Quindell, 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.
I want to instruct you to investigate and deal with my potential claim. What do I do next?
Contact us by telephone on 08081238123 or by email to Team-CRT@yourlegalfriend.com to speak to a Claims Advisor about the next steps in the process.