Class Action Alert – Investment Recovery Opportunity
If you invested in Old Mutual International (formerly Skandia International), Quilter International, and now, Utmost Worldwide, or Friends Provident International, you may participate in the Class Action to recover the money you invested in the Portfolio Bond(s)
If you have purchased Funds through a trustee or direct on the insurer’s platform and have lost money you may be entitled to recover money lost.
If you bought the fund via a UK-regulated pension, such as a SIPP or QROPS, you could be eligible to claim with the Financial Services Compensation Scheme (FSCS) and receive compensation. This does not exclude you from joining the class action.
Expat Investment Fraud is helping people recover money lost. If this information relates to you or someone you know, please share this with them so we can try and reach those affected by these funds.
The Portfolio Bonds offered by Friends Provident International, Reserve Bond.
The Portfolio Bonds offered by Quilter, Executive Investment Bond(EIB), Executive Redemption Bond(ERB), Collective Investment Bond(CIB), Collective Redemption Bond(CRP)
Here is a list of some of the failed funds and there are other funds that have incurred losses.
LM/MPF Managed Performance Fund
All other LM Group funds including the Trilogy Wholesale FMIF
Axiom Legal Financing Fund
Premier Group (Isle of Man)
• Eco Resources Fund
New Earth Group of Funds
• New Earth Recycling and Renewables (NERR)
• Premier Investment Opportunities Fund (PIOF)
• New Earth Solutions Group Limited ( ‘’NESGL’’)
• The New Earth Solutions Facilities Management Limited (‘’NESFM”)
• New Earth Energy Facilities Management Limited ( ‘’NEEFM’’)
• Eclipse Investment Fund
Eco Resources Fund PCC
• Premier Eco Resources Sterling Sub-Fund
• EcoEarth Resources Sterling Sub-Fund
• Premier Eco Resources
Kijani Funds, Kijani Commodity Fund
The claim is also open to those who used their Portfolio Bonds to purchase structured notes (such as those offered by Leonteq, Commerzbank, Royal Bank of Canada, or Nomura)
General Information on Litigation Funding and ATE Insurance
Litigation Funding and After-the-Event (ATE) Insurance are two financial mechanisms commonly used in the legal industry to manage the costs and risks associated with litigation. Let’s discuss each of them separately:
- Litigation Funding: Litigation Funding, also known as third-party funding, is a process in which a third-party funder provides financial support to a party involved in a legal dispute in exchange for a portion of the proceeds if the case is successful. The funder assumes the financial risk of the litigation, including legal fees and other associated costs, in return for a share of the settlement or judgment amount.
Key points about Litigation Funding:
- It is typically used in complex and high-value cases where the claimant lacks the necessary financial resources to pursue the litigation.
- The funder conducts a thorough assessment of the case’s merits and potential for success before providing funding.
- The funding arrangement is usually non-recourse, meaning the funder only receives a return on investment if the case is won.
- The funder’s share of the proceeds is agreed upon in advance and is usually a percentage of the amount recovered.
- Litigation Funding can provide access to justice for individuals and companies who may otherwise be unable to afford the costs of litigation.
- After-the-Event (ATE) Insurance: ATE Insurance is a type of legal expense insurance that provides coverage for the costs and risks associated with litigation after a specific event, such as the occurrence of a dispute or the commencement of legal proceedings. It is typically purchased by a party involved in litigation to protect against the financial implications of an unsuccessful outcome.
Key points about ATE Insurance:
- ATE Insurance is taken out after the event that gives rise to the legal dispute, hence the name “After-the-Event.”
- It covers various costs, including legal fees, court expenses, expert witness fees, and the opponent’s costs if the insured party loses the case.
- ATE Insurance policies are underwritten based on an evaluation of the merits and risks of the case by the insurance provider.
- Premiums for ATE Insurance are typically paid upfront or on a deferred basis and are usually contingent upon the outcome of the case.
- ATE Insurance can help reduce the financial burden and mitigate the risks of litigation for individuals and companies.
In summary, Litigation Funding involves obtaining financial support from a third-party funder to cover litigation costs, while ATE Insurance provides insurance coverage for the costs and risks associated with litigation after a specific event. Both mechanisms aim to address the financial challenges of pursuing legal claims and can provide individuals and companies with greater access to justice.
Please complete the Claimant Questionnaire below. If you have any questions please get in touch with us at info@expatinvestmentfraud.com
Take the first step
If you invested in Old Mutual International (formerly Skandia International), Quilter International, Utmost Worldwide, Friends Provident International, you may participate in the Class Action to recover the money you invested in the Portfolio Bond(s) The Portfolio Bonds offered by Friends Provident International, Reserve Bond.
The Portfolio Bonds offered by Quilter, Executive Investment Bond(EIB), Executive Redemption Bond(ERB), Collective Investment Bond(CIB), Collective Redemption Bond(CRP)
Claimant Questionnaire: To take the first step towards potential recovery, complete the Claimant Questionnaire below.
Contact Us: If you have any questions or need assistance, please reach out to us at info@expatinvestmentfraud.com
Frequently Asked Questions
Old Mutual International (formerly Skandia International) (OMI) and Friends Provident International (FPI) sold investment products described as “Portfolio Bonds” or “Insurance Bonds” (with specific product names such as the “Executive Investment Bond” and the “Reserve Investment Bond”). These investment products are referred to below as “Bonds” and were sold to customers all over the world – in particular, expatriate retirees.
The aim is for investors to receive between 69% and 79% of recoveries, return on their principal funds invested together with interest. However, the return will depend on various factors that cannot be predicted at the moment, including whether or not the defendants make an early settlement offer, and so it is impossible to be definitive at this early stage or offer any guarantee of what might be recovered.
We are not aware of investors managing to recoup their losses through any other routes. The sale of the products was structured in a way which means that investors are unable to benefit from any FCA compensation schemes (and the equivalent Isle of Man regulator has no comparable scheme). It is highly unlikely that recoveries will be possible through the liquidation of the Failed Funds since there is little or no value left in them, and neither OMI nor FPI are likely to compensate investors voluntarily. In short, a legal claim against OMI and FPI is likely to be the only viable route open to investors to recover compensation for their losses.
The Class Actions are being managed by a Claiments Management Committee which includes fellow investors, Consisting of a business man and two experenced lawyers.
If either of the Class Actions are defended all the way to a final judgment, we estimate that they may take one to two years to resolve in the Isle of Man Courts. Either Class Actions may be resolved sooner through medeation procedings leading to a settelment.
No. A litigation funder has agreed to finance the legal costs of the proceedings. The litigation funder has also agreed to cover any adverse costs exposure in full and has agreed to put in place an insurance policy to cover a potential adverse costs exposure. You will therefore not be required to make any financial contribution to the legal costs of pursuing the Class Actions and the litigation funder has agreed to meet any liability for the defendants costs if either of the Class Actions should fail. If there is a successful outcome, the Legal Team and litigation funder will be paid out of part of the proceeds, as will the management costs of the Committee.
Yes, provided you agree with the information that they provide in response to the questionnaire.
You can only participate in the Class Actions if you were sold a Bond (or a structured product linked to a Bond) by OMI or FPI.
You may be able to join the Class Actions. Please provide us with copies of your supporting documents and we will confirm whether you are able to join.
There are time limits to bring Class Actions for losses of this nature. However, we believe that the vast majority of investors will still be in time to bring their claim. We will, however, ask you to complete some questions in a questionnaire in order to assess whether that you qualify.
Expat Investment Fraud specialises in investigating and bringing large claims against financial institutions.
You will be added to the database for submission for the Class Action and we may require further information from you. The Legal Team will inform you when you have been added to the Class Actions.
Whether and on what terms you are entitled to surrender failed funds (for example, so that you can exit all your holdings) is likely to require financial advice specific to your situation which we cannot give. In addition, it may depend on the terms and conditions you signed up to originally. If the failed funds are held through a trust type structure it may also be a matter for your trustee to consider. You may therefore wish to take your own professional advice before redeeming. If you do decide to surrender the failed funds or in any other way relinquish your rights to them, you will need to notify us immediately so that your status can be updated and any charges or other financial penalties incurred as a result of the redemption can also be recorded.