Collective legal action (1)

Approach recommended by Mr. Glenn Knight

1. I have met with several investors and found that a collective action is difficult.

2. I proposed that the investors should come forward and to say how they have been ‘misled’ and by which party meaning the banks or the other financial institution. I will then these people according to the financial institution who sold them the product.

3. For each group, I will choose one client who will sue alone but who will be backed financially by the others of the same group. My estimate is about S$80,000 for each client for the suit. The case will be heard in the District Court.

4. If the client wins the case, it will be a crucial victory. I will then use this case to settle with that financial institution on behalf of the other investors, provided of course that this is agreed by the financial institution. In that way, all similar cases can be settled.

5. If I am not able to act against any financial institution due to conflict, I can arrange for another lawyer to act (e.g. Mr. Raymond Loo).

6. If I should lose the case, the amount involved would be on a scale basis (provided in the books) of S$40,000 say for a trial that would last 4 days.

7. In the event that there would be an appeal to a High Court Judge in chambers, then I will have to charge another S$30,000. But if I should lose the appeal the party would have to bear costs of S$15,000

Glenn Knight
Bernard & Rada Law Corporation
50 Robinson Road
#08-00 VTB Building
Singapore 068882
DID: (65) 63947 852
Main: (65) 68999 888
Fax: (65) 6338 5377
Web: www.brllawcorp.com