Investment In Litigation Funding ?

Malthusian

free2bfree wrote: »

So you are saying the the Solicitors Regulation Authority and the Financial Conduct Authority and these companies relevant insurance providers all think that box legal and allansons are not credible

Well what do you know, apparently they didn't.

I tried to restrain myself from quoting old bits of the thread, as it's not necessary to add insult to investors' injury, but I broke at that point.

cd27idw

I spoke to Gordons this morning, who took a note of my details and cases, and didn't really say much, but then spoke to the people who linked me up with this originally. Apparently the fund and associated operations have been taken on by a third party, Quanta Law, a bigger operation, who are continuing the existing cases (no additional inputs into the fund).No objections have ever been raised by financial regulation authorities, and as I stated earlier no improprieties were identified on the part of Allansons, the issues raised were identified as being of dysfunctionality (not lodging funds in client accounts, one instance where an office bill was drawn from client funds), definitely not criminality. The operation is apparently ongoing, but I've still not been contacted by the new company. Bearing in mind that Allansons was only shut down on Friday, it's still early days.

verybigchris

cd27idw wrote: »

Apparently the fund and associated operations have been taken on by a third party, Quanta Law, a bigger operation, who are continuing the existing cases (no additional inputs into the fund).

Is it this Quanta Law, that was only incorporated in Feb 2018 and is yet to publish any accounts?

cd27idw

Wouldn't imagine there would be two, would there?

cd27idw

Okaaaay! Apparently there's a Quanta Capital which is solely interested in providing capital for litigation cases, not executing them. This is all by the by, as I'm starting to suspect that the involvement of Quanta was wishful thinking on the part of my informant. I've had a further communication from Gordons, advising me to seek compensation via the usual schemes. It's seriously looking like I'll have to get a job.

Malthusian

Where does Gordons think you are going to get compensation? There is no "usual scheme".

Note that I wouldn't expect Gordons to have familiarised itself with the teetering tower of abject nonsense on a stick that was supposedly going to end with Allansons investors getting compensation from the FSCS when their scheme promising up to 125%pa returns collapsed. I assume they have been appointed to ensure any genuine cases being looked after by Allansons still get their day in court.

cd27idw

It's never been stated that Gordons have any responsibility for following up any cases; they're mere babysitting the documentation:

" Gordons LLP has been instructed to act as the Solicitors Regulation Authority’s agents in the intervention into Allansons LLP"

As regards usual scheme:
"If you believe Allansons were holding money in their client account, on your behalf, then you may wish to make a claim to the compensation fund at the Solicitors Regulation Authority. The compensation fund are able to consider claims for monies held in the client account of an intervened firm."

I'm not convinced that an investor in this fund constitutes a client in the usual sense, but any port in a storm.

Also, any insurance brokered by Box Legal was targeted at the failure of individual cases in court, not the failure of Allansons, so very likely no hope there at all.

cd27idw

Box Legal are only the brokers, they have no liability for anything. Granted, they are the shop front for Leeward, but anything beyond that is a matter of international law

Malthusian

[STRIKE]That may come to investors' rescue if their money was still sitting in Allansons' client account at the time it was shut down.[/STRIKE]

If however Allansons had already spent it, it won't - the SRA's compensation fund is not an After the Event insurer.

*edit*

IanManc correctly points out that investors' money should never even have entered the client account in the first place - it was business money - so I shouldn't even have entertained the existence of that straw to grasp at.

Allansons was censured late last year for client money failings but that isn't any cause for hope either.

Malthusian

cd27idw wrote: »

Box Legal are only the brokers, they have no liability for anything.

Not according to the inverted pyramid of piffle. According to what purported to be an excerpt from a T&C document, if [STRIKE]Mr Corrugated Iron Shack[/STRIKE] Leeward Insurance of Bermuda failed to pay any valid claims, Box Legal was supposed to pay out instead on the basis of negligent advice. This was the bedrock for the claim that this whole bag of spanners was 100% safe and FSCS-protected.

However, this is also not a straw to grasp at because Box Legal's illegal credit default swap didn't say anything about what happens if Allansons gets shut down.