When an individual has invested into a financial product that has failed, the impact can be felt across all areas of their life. In most cases that we see, individuals have been given bad advice, have been taken advantage of or the investment simply does not do what it says on the tin.
Individuals pursuing and paying for litigation against companies that have since wound up can be tough. Representatives often prove evasive and hard to pin down. Plus legal representation costs big at a time when funds are low.
It’s often too much for the individual. That’s why we aim to mobilise as many affected individual investors as possible to mount powerful group claims against the financial institution(s) responsible.
Strength in numbers
Group claims are advantageous for many reasons. First is the cost element. Pursuing litigation can be incredibly expensive as it requires expert legal representation as well as input from those with specialist skills and knowledge. Litigation funding is easier to access when there is a sizeable group of affected individuals.
Also, the larger the group the more weight behind the action. And frankly the more likely we are to gather press attention, prompting more and more claimants to come forward to strengthen our case and the likelihood of success.
For Newport it means a chance to help more people who have been wronged by companies that promise the earth and shatter dreams and futures. We help people find resolutions so they can move on with their lives.
The biggest group deal we are currently running concerns Eclipse Film Partners, a tax scheme designed and put together by HSBC Private Bank. The Newport Group now acts for 450 of the 800 investors affected. We have secured external funding and, as the claim grows, we’re confident the final claim will exceed £200m.
We are also pursuing group action on behalf of hundreds of individuals who got caught up in other failed tax schemes such as Timeless Releasing, Imagine, and Zeus.