Funding by Redress Solutions is confidential. Disclosure of funding of a claim by Redress Solutions to third parties only takes place with the client’s permission. A generic illustration of some of the claims funded and currently undergoing funding by Redress Solutions is set out below. All cases funded by Redress Solutions to-date have settled. If you have any questions please email Marius Nasta (firstname.lastname@example.org) or Michael Zuckerman (email@example.com), or please see our FAQs page.
We have set out below an illustration of the type of claims that Redress Solutions has funded. In some of these cases, the claimants had the funds to pursue the claim but simply did not want to take the risk of litigation and were happy for us to do so. In other cases, the claimant was unable to fund the claim and needed Redress Solutions to provide funding in order to bring the claim to its conclusion. In all cases and prior to Redress Solutions’ involvement, the defendants believed that the claimants would not pursue their claims, would accept a derisory settlement or would eventually drop their claims.
- Professional negligence claim. This was a claim by a group of investors in a film finance tax scheme against the scheme’s promoters. The claim arose after Her Majesty’s Revenue and Customs in the United Kingdom disallowed the tax scheme, to the detriment of the investors. Redress Solutions agreed to fund the case against the scheme promoters and rather than take the case through a long and expensive court case the defendants went to mediation and later settled. The claimants, by way of settlement, received a significant percentage of their losses accrued through the scheme.
- Breach of contract claim brought by a liquidator. This was a claim by liquidators of a mobile telephony sales company. The mobile telephony sales company had been forced into liquidation after the network operator, for whom it had acted as an agent, refused to pay the commission owed to it under a contractual arrangement. Redress Solutions agreed to fund the claimant and the case was satisfactorily settled at mediation, which avoided a protracted legal process. The liquidators gained a financial settlement that was acceptable to them.
- Breach of contract claim brought by an individual. This was a claim by a senior company executive who was suffering from a life-changing illness who had made a financial demand against his health insurance policy. The insurer refused to pay out under the policy. Redress Solutions agreed to fund the claim and, rather than having to go through an expensive and stressful court case during a period of illness, the claimant was able to come to a suitable settlement after mediation. This outcome allowed the claimant to maintain the lifestyle he was accustomed to despite his illness.
- Claim in the financial services sector: this was a claim by liquidators on behalf of a group of investors against a number of major financial institutions. The case concerned the failure of the financial institutions to perform their contractual duties to supervise the granting of loans by managers of a fund as a protection for the fund’s investors. The managers granted loans in breach of the fund’s rules to individuals and for purposes not permitted by the fund. Many of the unauthorised loans ended in the default of the insolvent borrowers. A satisfactory settlement was achieved by the liquidators with the benefit of our funding.
Redress Solutions funds claims in sectors as diverse as real estate, financial services, media and entertainment, carbon emission trading and many others. Here are some examples:
- Claims in the real estate sector: these are a series of claims against a number of professional advisers. The claimant is a bank suing over valuations and the certification of amounts to be paid by the bank as stage payments during the course of several property projects. In each case the bank lost substantial sums of money when the unfinished projects had to be sold at a distressed price.
- Claim in the financial services sector: this is a claim by liquidators of an investment company who are seeking compensation on behalf of defrauded investors from the corporate services provider and from the directors of the investment company. An investment manager used a corporate services group to set up an off-shore company to hold funds and investments on behalf of his clients. The corporate services group provided directors whose duties included conducting due diligence on the purchase of securities on behalf of the company. The directors failed to perform their duties with due care and the investment manager was able to misappropriate millions of pounds of his investors’ money by claiming that it was to be used to purchase investments which were, in fact, bogus.
- Claim for breach of contract: this is a claim by a commission agent who had a contract with a large multi-national company under which he was to be paid a substantial fee when a business transaction that he had introduced reached certain performance benchmarks. The benchmarks were achieved but the company refused payment.
- Claim for breach of contract: this is a claim by an independent financial advisor for commission owed on investment business that it introduced to a fund manager. The fund manager concealed business that it had transacted with clients introduced by the financial advisor and failed to pay commission in respect of such business.