Friends Provident and Scandia class Action - Clarifcation

[johnweena]

Recently I put out an article re above subject and many readers got the wrong idea in their comments so for clarity let me explain.

 

I should point out that we are not trying to recover any monies from the failed funds, we know there is no money. One of our complaints and there are many, is that  FPI and Scandia should not of made these funds available to ‘retail’ investors as these funds were designed for ‘Sophisticated’ and ‘Professional Investors’ and that they failed to act on this, and allowed these funds to be made available to retail investors for a very long time. There are now questions of financial misconduct and lack of due diligence to name but a few.

 

Anyone who lost has money through these funds with  Ponzi / Scam schemes and invested their money via Friends Provident or Royal Scandia (now Old Mutual) now have an opportunity to recover approximately 50-60% of their money.

 

The funds were

 

1. Axiom legal financing 

2. LM managed performance fund 

3. All other group LM funds 

4. Premier New Earth 

5. Premier Eco resources 

6. Kiwanis 

 

A group of 93 investors have been working to recover losses for last 6 years and we are now ready to proceed

 

We have engaged a firm of Litigation Solicitors in London, a London QC who has lodged a statement of claim where we have a 60% chance of success and a firm of Advocates in the Isle of Man.

 

We have obtained Litigation Funding & Insurance for the case and cover any adverse costs 

 

So you have “nothing to lose but everything to gain “ 

 

Our lawyers are very positive that our case will be successful. 

 

Taking part in this action will be at no cost to you. If the action fails then the Litigation funder will pay any costs.

 

If you feel you feel you qualify to take part in this action please contact Peter and he will get you registered and entered into the action

 

Peter Kells to get you registered in the group on:-

 

084 645 0007

[email protected]

 

Peter is a committee member of the Class Action he lost his savings, he lives in Bangkok and has been involved in the action for the last 6 years.

 

Below is an extract from a letter regarding the funds in the action:

 

Dear Investor,

 

 GROUP ACTION

 

We are writing to you as we understand that you may qualify to join legal proceedings which have recently been launched against Friends Provident International Limited ("FPI") and Old Mutual International Isle of Man Limited (formerly Skandia International) ("OMI").

 As explained below, there is an opportunity to join the action free of charge as the costs of the proceedings are being paid by a litigation funder.

 

 We represent the initial group of investors who have already filed claims in the Isle of Man Court. We set out below further details about the claims and the legal team which is representing investors. The claims seek compensation for funds which were sold to investors by FPI and OMI and which have either failed or suffered substantial losses.

 

The funds were sold as "Personal Portfolio Bonds" or as "Insurance Bonds" and had product names such as the "Executive Investment Bond" and the "Reserve Investment Bond". The funds in question include the following:

 

1. Axiom Legal Financing Fund

2. LM Managed Performance Fund

3. All other LM Group funds including the Trilogy Wholesale FMIF

4. Premier New Earth (all investment schemes managed by Premier New Earth)

5. Premier Eco Resources Fund

6.Kijani

 

Fund Investors who were sold structured notes with underlying interests in these funds may also be entitled to participate in this action.

 

The Group is unfortunately unable to accept registrations from direct investors in the funds who were not sold Portfolio Bonds / Insurance Bonds.