US class action

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  1. #1

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    US class action

    Anyone here with experience pertaining to financial industry class action law suits in U.S.?

    How do I find an experienced lawyer?

    Can I make an agreement with the lawyer that he gets paid only if the lawsuit is successful and that his payment will be a certain amount of the settlement sum? Or how does it usually work in the US ?

    Is it required to actually be one of the “victims” to get this started or is it enough that I know of a wrongdoing, a case in which investors are losing money due to bank’s misconduct

    What other points to consider


  2. #2

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    Quote Originally Posted by Morrison:
    Anyone here with experience pertaining to financial industry class action law suits in U.S.?


    Is it required to actually be one of the “victims” to get this started or is it enough that I know of a wrongdoing, a case in which investors are losing money due to bank’s misconduct

    What other points to consider
    A class action is raised to the court by a law firm and not the client. You are not an officer of the court and have no standing.

    If you are not a victim then you have no standing either. If the offended do not claim they where offended against then the law says there was no offence. Simple.

    FYI - ambulance chasers are 2 a penny but they a charge a hefty %. If your a whistle blower then there are other mechanisms in legislation to deal with that.

  3. #3

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    Class-action lawsuits are fantastic...for lawyers.

    If you think you've stumbled onto something illegal relating to the offer or sale of securities in the USA, contact the US Securities and Exchange Commission at http://www.sec.gov/complaint/select.shtml. US banks are also regulated by the FDIC, but you mentioned "investors", who are usually purchasers of securities. Without going into too much detail, anyone who has bought or sold securities in reliance on a false or misleading statement by someone selling or buying securities could have standing to sue that person.

    There are "whistleblower" provisions, but generally in order to sue someone for damages, you need to have suffered damages yourself.

    If you just want to report a crime, call the cops (in this case, the SEC).


  4. #4

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    A defense law firm's blog on Class Actions. These guys only defend.

    http://classactionblawg.com/

    In the US a lot depends on if it is federal or state and of course where it is best and appropriate to file and lawyers work on a contingency fee on those types of claims if they think they can get an action certified. In the US far more simpler than other places.