Thanks. This thread locked.
Moved to here:
https://bitcointalksearch.org/topic/m.3619427
Topic: Class Action Lawsuit Opportunity Against Tradefortress, Coinlenders, Inputs.io (Read 1228 times)
November 24, 2013, 03:48:06 PM
November 24, 2013, 03:00:37 PM
There's already a thread for this lawsuit in the legal forum.
November 24, 2013, 02:04:49 PM
Below is an email from an attorney in Sydney who I found through on online search so I cannot personally vouch for him or his law firm although his resume looks respectible.
Date: Fri, 22 Nov 2013 17:36:54 +1100
Subject: RE: Action Required:
Dear [dwdoc]:
Thank you for your email.
Having regard to the cost of pursuing a claim for USD 100,000 or so in this jurisdiction (which, frankly, would be out of all proportion to the amount in dispute as commercial litigation is very expensive here), I think that it would be much better to explore the possibility of bringing a class action together with other complainants from the bitcoin community. Although there are differences, class actions work in Australia in a way which is broadly similar to how they work in the USA.
I should also mention that lawyers in this jurisdiction are prohibited by law from acting on a contingency fee basis (i.e. to enter into a costs agreement whereby the amount payable to the law practice was calculated by reference to the amount of any award or settlement that may be recovered in any proceedings to which the agreement related).
However, some firms in this jurisdiction (ours not being one) are content to act on a “no win, no fee” basis.
Class actions here are often financed by litigation funders, which will pay all of the costs of the action but will expect a “success fee” which is typically between 25% and 45% of what is recovered. The leading Australian litigation funder is IMF:
http://www.imf.com.au/
We know the senior personnel at IMF (including their Chairman and Managing Director) very well and we could facilitate an introduction if you were able to assemble sufficient other complainants to get a class action together. In that regard, one would normally need at least 7 plaintiffs in order to commence a class action but IMF operates at the big end of the market and is generally interested only in claims worth $5 million or more. There may, however, be other litigation funders who would be interested.
Regards,
EDIT: Attorney has asked me to remove public display of his contact information at this early stage until level of interest is determined. PM me for details if desired.
Thoughts? Alternatives?
If this lawsuit is an option for you then please alert gaston909 or post here. He is keeping track of CL balances due.
Date: Fri, 22 Nov 2013 17:36:54 +1100
Subject: RE: Action Required:
Dear [dwdoc]:
Thank you for your email.
Having regard to the cost of pursuing a claim for USD 100,000 or so in this jurisdiction (which, frankly, would be out of all proportion to the amount in dispute as commercial litigation is very expensive here), I think that it would be much better to explore the possibility of bringing a class action together with other complainants from the bitcoin community. Although there are differences, class actions work in Australia in a way which is broadly similar to how they work in the USA.
I should also mention that lawyers in this jurisdiction are prohibited by law from acting on a contingency fee basis (i.e. to enter into a costs agreement whereby the amount payable to the law practice was calculated by reference to the amount of any award or settlement that may be recovered in any proceedings to which the agreement related).
However, some firms in this jurisdiction (ours not being one) are content to act on a “no win, no fee” basis.
Class actions here are often financed by litigation funders, which will pay all of the costs of the action but will expect a “success fee” which is typically between 25% and 45% of what is recovered. The leading Australian litigation funder is IMF:
http://www.imf.com.au/
We know the senior personnel at IMF (including their Chairman and Managing Director) very well and we could facilitate an introduction if you were able to assemble sufficient other complainants to get a class action together. In that regard, one would normally need at least 7 plaintiffs in order to commence a class action but IMF operates at the big end of the market and is generally interested only in claims worth $5 million or more. There may, however, be other litigation funders who would be interested.
Regards,
EDIT: Attorney has asked me to remove public display of his contact information at this early stage until level of interest is determined. PM me for details if desired.
Thoughts? Alternatives?
If this lawsuit is an option for you then please alert gaston909 or post here. He is keeping track of CL balances due.
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