Along with everyone else interested in group litigation against solicitors, we have been eagerly awaiting the outcome of the AIG case in the Court of Appeal.
Now, the verdict is in, and the good news is; a legal precedent has been set which requires insurers to deal with each case individually, meaning they cannot limit their liability by treating a large group action as one single case with a compensation cap of £5 million. This is great news for investors in developments backed by NWIC insurance bonds, as it should mean that if our claims are successful all investors will be paid their investments back in full.
The AIG case was particularly important as it was very similar to our own. It was a case in which UK investors lost their deposits on overseas off-plan building developments. The outcome of this case is very important because it provides clarity on the issue of whether insures are allowed to limit their liability by treating all claims in a group action against a solicitor as one single claim.
In light of this decision, we are now reopening applications for membership to our action groups as we are now confident that admitting new members will not adversely affect our existing members. This means that we will be able to strengthen the groups in terms of size, as well as spread the costs of conducting our case between more members.
Our action group is now reopen for members for a limited time.
If you have lost your deposit on an NWIC insured development, and haven’t yet joined our action group, register your interest with us now via our contact page.
We are by far the largest group arising out of the collapse of NWIC, with hundreds of members for whom we are pursuing claims running in to tens of millions GBP.
Our group is fully insured, fully funded and further advanced than any other group.
Join us in our goal to recover all our members’ lost deposits.