Unfortunately, AIG have appealed the recent positive verdict from the Court of Appeal and the case will soon be heard in the Supreme Court.
As you may remember, the outcome of The AIG case is particularly important to our action group as the case is very similar to our own. It is a case in which UK investors lost their deposits on overseas off-plan building developments. The verdict of this appeal will provide clarity on the issue of whether insurers are allowed to limit their liability by treating all claims in a group action against a solicitor as one single claim.
Because it is recognised that the verdict of this appeal will have ramifications for many other cases (including our own), the case has been fast-tracked in the Supreme Court meaning that we should receive the verdict of this case within the next few months.
We are hopeful that the verdict of this appeal will again be in our favour, as the previous verdict was excellent for claimants and stated that insurers must deal with each case individually.
However, due to the impact any change in this verdict could have on our action group claims, we will now be considering whether to temporarily close the group to new members as a precautionary measure to safeguard our existing members’ claims. We will be considering this matter with our legal representatives and will update you in the coming days.