Suing KSFIoM
Ian Hamilton QC (Rtd) is taking out a legal claim against RBS in the small claims court for concealing the state of their finances. Claiming that they knew that they were insolvent when they took his money
RBS is claiming that the case should be heard in the Higher court.
Hamilton states that in the interest of democracy the case should be heard in the lower court where no significance can be made against him.
I like this idea that we, the victims in the shambles of KSFIoM can take this action without any significant claim against us can be made.
In my opinion this is one in the eye for "the big boys" ie taking away the threat of big awards against us for taking action against them.
Could this be another avenue open to us.
In my case, my investment was only 76 days old when it floundered. I belive they accepted my money when they knew that they were in trouble.
Pronto
winnings?
If you sue, if you win the case, what exactly do you win? Just a court case. Will you get one penny back? The bank's bust. You might not even get back your legal fees.
@steenjp: Demystification of the law.
If you win a civil case in tort, the commoner word is negligence, you quite simply get damages equivalent to the damage you suffered, possibly mitigated by a consideration of any thoughtless actions of yourself that compounded your losses.
But even the Court can't get blood from a stone. If the culpable have no assets then you have a won what is known as a pyrrhic victory.
Correct you might not even get back your costs.
But seen as part of a larger campaign an apparently pyrrhic victory may warrant the cost.
For example you win against Adrian Doherty, who sold a 315K house the other day, and the court can no longer find that money or any other, although it gave you damages of 315K, you have a won pyrrhic victory.
re - winnings
steenjp - I'm afraid you have a lot of reading to do (start on torts), I'm too shattered today to go into it but it could possibly change your status as a creditor.
skintagainnow thanks
Ok! I accept I'm lost here.
Deposits in August
My families money £300k was deposited in August. Please contact me if we can help
Sarah F -
Sarah F - your contact is disabled,
1) was the account opened under UK residency
2) if not, what documentation was requested and sent to the bank as forms of identity, were these documents notarised, do you have copies if so do they have the banks stamp or mark?
ID
It was discussed about 3000 years ago that it was quite clear that KSFIoM would have given a bank account to Lord Lucan so long as they thought he had money to put in it - there was no "know your customer" checks done. Search back about 10 months ago and you will find the posts. You will also find where you need to complain to get something to happen. If nothing else you can bring a bit of shame to the sad sorry bunch of herberts who made up KSF's staff.
I've explored at length the possibility of using this as a way of getting something back, but all that could ultimately happen is that they could see a criminal prosecution against the compliance officer.
skintagainnow
I'll try and enable my contact. The account was held by my Father who was resident in the Island. My brother had power of attorney (he is also iom resident). I will have to ask him about the documentation. My father died last sunday and the power of attorney ended on his death, so we're not entirely sure how things stand right now.
@Sarah f
Sarah, my condolences for your loss.
Your circumstances are not only more saddening and more difficult, the loss of a close relative at any time creates stress, but in these circumstances even more so. If your fathers estate is under a will it will be the administrator of the will, if no will then probate.
Opening from UK as a whole they can do with the use of electronic identification methods, outside the UK jurisdiction these electronic checks are more difficult & unreliable hence should be asking for notarised documentation / identity etc,.
Pronto's action (if he's able to bring it) may be of benefit to you as it may in my situation, but on documentation yours is probably not relevant.
@skintagainnow
Thanks, I'll watch developments with interest.
Suing KSFIoM
Yes, I think that is a possible avenue, at least at the moment until a winding-up order is made or until SoA is approved. You would need evidence of course.
Top 5 picks
Given this is a relevant link
Alistair and I are now going to apply our minds to the list of folk we would like to push for litigation against should the worst happen.
I am an engineer, so contingency planning is ALWAYS a smart thing to do
We would like to ensure, as alistair puts it 'best bang for buck' for our stolen dollar.
What would your top picks be. And you can only choose 5.
And remember a good game is a short game!
liebenk the MLRO
MLRO would be a good target - given the notarised documentation other institutions require/d, which also leads directly to the FSC as the "overseer" of MLR for IoMG.
Pronto, you were lucky"In my
Pronto, you were lucky
"In my case, my investment was only 76 days old when it floundered. I believe they accepted my money when they knew that they were in trouble."
16 days 7 hrs 34mins 22secs (if memory serves me right)
BTW on a more serious note - are you UK resident, if not what did KSF IoM ask you to provide when they opened your account, we may have a case where they knowingly opened accounts with insufficient notarised documentation under MLR. There are several of us in this category.
Also bear in mind the limitations of the SCC
Hi Elgee to make a start
Hi Elgee
to make a start evidence could be that they borrowed £19m to buy their own shares we could take it from there. not a healthy start
Skintagain
I am UK based and trusted my FI to invest via Skandis after B & B went under. Good point, I will cheeck up on what documents were asked for
Great regret is, if I had stayed with B&B my money would have been safe under the Santander group who bought B&B
Hi Elgee to make a start
You have to be careful as to whether you are talking about action against the individual directors or against the company. If the claim is to be made in contractual misrep. for example, it would be against the company (there being no contract with the individual directors) and could be brought at this stage (although of course we all have a perfectly valid claim against the company in contract anyway, since it has not given us back our deposits, so having another one does not really assist). If it is to be brought in tort, it is more likely to be against a director or other individual, since the company has no brain and broadly speaking it cannot commit torts that involve it having knowledge of something that it withholds.
I think someone should perhaps look further into the evidence and see what causes of action might exist and against which entities, rather than looking at this barrister's action and trying to make it fit.
Hi Elgee to make a start
I think the idea would be evidence to show that they knew the deposits might be at risk or that the parent bank (and hence the parental guarantee) might be at risk or something of the sort. Someone might want to take a look at the torts of negligent (and other forms of) misstatement and deceit and also misrepresentation in contract. Just out of academic interest.
There will be nothing to be gained
by legal action, if they can't return our deposits what is the good of a law suit?
seems a lot of work and money for nothing to me.
I hear what everyone has said
I hear what everyone has said and I believe there are some very relevant point such as a hollow victory if we don't get our money back, so why fight that battle.
I have to confess that I am out of my depth when it come to all the legal stuff but am aware that there are some very clever people fighting the same fight.
So...I'm willing to be a foot soldiers and follow whomsoever is the best leader here.
Pronto