Lloyds Action Now - are they genuine?

SENACRE

I also received a letter from LAN - it states that shareholders who do not sign up (and pay the £270 or £300 fee) 'may be precluded from taking action' against Lloyds and 'may not participate in any sums awarded'. Two meaning to the word 'may' - I wonder which is the intended one?

The last bit in the letter is about 'We may close membership within the next month. I therefore urge you to join us now.' Smacks of the hard sell techniques used by unscrupulous sellers?

Judesman

I am wondering if 4000 subscribers is sufficient for them to pursue their case. I was registered with the now wound up Lloyds Shareholders Action Group. I had a refund of subscription (£1.93) but at least they had the decency to forward a refund. I don't like the admin of LAN it is very difficult to get anyone to respond to queries.

jh2009

SENACRE wrote: »

I also received a letter from LAN - it states that shareholders who do not sign up (and pay the £270 or £300 fee) 'may be precluded from taking action' against Lloyds and 'may not participate in any sums awarded'. Two meaning to the word 'may' - I wonder which is the intended one?

The last bit in the letter is about 'We may close membership within the next month. I therefore urge you to join us now.' Smacks of the hard sell techniques used by unscrupulous sellers?

I seem to remember they said this in the last letter, advising us that we couldn't join after 31 March 2011. I sense they are running out of money and looking at the professionals (and that out of work woman who used to be on watchdog) who are on their board that would make more sense.......

This "you may be precluded from taking action againest lloyds" who are they to say we can't sue lloyds in the future? Its legal nonsense!

As for not getting any sums awarded, it seems common sense that if this lot win anything (and i dont think they will) that the judge wouldnt require ALL shareholders to be compensated.

furndire

I looked at this as well - put the brochure in the bin - I wish they'd stop reminding me how much money I poured down the drain.

jh2009

LSEdwards wrote: »

Please note I am not speaking in any official capacity, I am just a member of LAN whose reason for joining LAN is not based on a probability based calculation of gaining financially, rather the desire to see justice done.

This is an interesting article from late last year, in relation to LAN, and some of the people linked to this:

http://uk.finance.yahoo.com/news/Scrutiny-Lloyds-Action-Now-1m-tele-3242147001.html?x=0&.v=1

LSEdwards

jh2009 wrote: »

This is an interesting article from late last year, in relation to LAN, and some of the people linked to this:

http://uk.finance.yahoo.com/news/Scrutiny-Lloyds-Action-Now-1m-tele-3242147001.html?x=0&.v=1

The Telegraph article on which this is based has already been discussed. When you post a link, it would be fair to also post the response from LAN as well. You can find it if you do a bit of Googling.

The fact that LAN have recruited professionals to fight their case is a good thing in my view. I can't see how any successful campaign could be mounted for free. The remuneration of the professionals is structured so that they only make a decent return if the members are compensated.

It seems to me that the Telegraph article was probably planted by someone from Lloyds' dirty tricks department. All of the information is publically available and did not deter me at all from joining.

As to shareholders who don't join benefiting from a settlement with LAN members, good luck with that, but you should probably consult with a qualified lawyer before reaching any conclusion. Your comments so far indicate to me that you have no legal training and precious little understanding of how the City works.

jh2009

Happy for the interests of completeness to post a link giving the LAN response. This is another link to the article, but if you scroll down LAN give their response:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8212427/Scrutiny-for-Lloyds-Action-Nows-1m-fund.html

The response is a copy of a letter sent to the jouralists involved.

jh2009

LSEdwards wrote: »

The Telegraph article on which this is based has already been discussed. When you post a link, it would be fair to also post the response from LAN as well. You can find it if you do a bit of Googling.

The fact that LAN have recruited professionals to fight their case is a good thing in my view. I can't see how any successful campaign could be mounted for free. The remuneration of the professionals is structured so that they only make a decent return if the members are compensated.

It seems to me that the Telegraph article was probably planted by someone from Lloyds' dirty tricks department. All of the information is publically available and did not deter me at all from joining.

As to shareholders who don't join benefiting from a settlement with LAN members, good luck with that, but you should probably consult with a qualified lawyer before reaching any conclusion. Your comments so far indicate to me that you have no legal training and precious little understanding of how the City works.

Il let people come to their own conclusions having read your response and having made my views clear.

Clearly professionals have to be paid, and would gain if LANs campaign is successful. I still have to disagree with your view though that if LAN does win its case that the judge won't order ALL shareholders to benefit, including people like me who refuse to pay the £300 joining fee.

I actually think LAN have no chance of winning though and that any subscriptions will just be spent on fees for the professionals, which differs of course to "the decent return" for the professionals you mention.

sirlearie

also interested as lost significant monies when brown & blanks/daniels etc made the HBOS deal .
surely if " lloyds action now " act & win , it will establish a precedent for all shareholders to follow suit & claim compensation ? i cannot see how this could be disallowed if one action wins .

knollcottage

Read about who made you lose money, how and why https://lloydsactionnow.com/newsletters/updated%20introduction%20april.pdf

And http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8494224/Lloyds-Banking-Group-posts-3.47bn-loss-after-provisions-for-PPI-mis-selling-claims-and-bad-loans-in-Ireland.html

Perhaps you would like to also read the other articles written by James Quinn of the Telegraph - the author of the adverse article that some are so keen to rake over time and time again - READ:-
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8392879/Cable-urged-to-reveal-secret-HBOS-dossier.html
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8408476/Lloyds-writ-draws-Bank-of-England-into-HBOS-dispute.html