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Tuesday, January 25, 2011

FREQUENTLY ASKED QUESTIONS FROM STANFORD LATIN AMERICAN INVESTORS ABOUT FTCA CLAIMS

There still appears to be some confusion in Latin and South America about the FTCA claims process, due to misleading statements from some of the ‘leaders’ who are not giving advice that is in the best interests of the investors. They continue to advise investors to fill-out their own FTCA claim forms, without acknowledging the risks of such claims being incomplete; being submitted too late; or being otherwise ineligible. Please refer to some of our other posts for more detail of the risks involved in ‘self-filing.’ Although the form SF-95 appears simple enough, it has been tested in court cases many times. There is a massive amount of case-law, and other legal obstacles, investors must understand in order to complete the form correctly. Please understand that few of the English speaking investors are filing their own claims as they realize just how easy it is to get it wrong.

I have seen the advice that has been given by Covisal for investors to file their own claims. Some of this advice has been given by OFFICERS OF THE SEC, who we will be suing. Does anyone really imagine they are impartial, and it is good advice to follow?

We understand one of the ‘Leaders’ has also advised their followers that there is no urgency to submit claims, as this is will be a class-action that all investors can join-in later. Anyone spouting such blatant misinformation should not be trusted further. Should there be litigation, which will most likely become a class-action, ONLY those investors who have registered valid claims before the statute of limitations expires can be included. This is an action against the US Government under the FTCA, where the rules for eligibility are very different to other class-actions. NOBODY can join-in later. Also please be aware your claim MUST be received by the SEC, by registered mail and receipted delivery, BEFORE the Statute of Limitations expires, which is the 16th February 2011, OR IT WILL BE REJECTED.

There was a statement from one Latin American investor, who recently returned from the USA and stated he would file his own claim, as in his opinion, if a class action lawsuit is brought against the SEC in the future. “No attorney will reject a potential client with his/her SF-95 filed correctly.” Please be aware there is the distinct possibility that individual investors who ‘self-file’ could be excluded from any future class action, even if they manage to successfully file their own claims, simply because their explanation why the SEC is responsible differs significantly from the explanation given by the rest of the class. In that case, they may have to argue their claim in court, on their own, and at their own expense.

Also, even if this investor properly constructs his own claim, and he manages to get it filed timely and correctly with the SEC just to avoid paying any initial attorney fees, in six months time, when it is declined, he will still to hire an attorney to litigate his claim, and when an award is eventually made by the court, the judge may well award up to 25% to the ‘lead attorney’ as contingency fees. He may not have a contract for a 15% contingency fee, such as that negotiated with Kachroo Legal Services, and there is no guarantee that investors will be offered the same terms in six months time. Please do not be under any false illusions. The SEC are not simply going to agree all the claims and pay-out $7bn. THERE WILL HAVE TO BE A LAW SUIT, and the least expensive way for any investor to be included is with a contract from an attorney who will litigate the case as a class-action. So far we only know one such attorney, and we have hired her.

For investors in Latin and South America, who can see the sense that this needs to be handled by an experienced and indemnified attorney, to protect themselves, please also ensure that the attorney you consult has graduated from a US School of Law. The US legal system follows the law of precedent, as does that in Britain, NOT the Napoleonic Code you may be more familiar with in Latin and South America. Please also make sure your attorney is willing to litigate your claim, should it be rejected or otherwise ineligible, and has previous experience of submitting FTCA claims.
It is unlikely your neighborhood attorney in Caracas, Lima, Bogota, or Mexico will be conversant with FTCA claims.

Finally, we understand the ‘Leader’ of Covisal continues to claim our attorney only has only been practicing for 6 years, when she actually has 22 years of experience , some of it highly relevant; has never lost a case; and is the most highly rated for her qualifications and experience. Anyone wishing to compare the rating of our attorney with any of the other Stanford attorneys should refer to the following link and draw their own conclusions:

http://www.avvo.com/attorneys/02142-ma-gaytri-kachroo-1356107.html and her CV can be found here: http://www.kachroolegal.com/docs/dr_kachroo_cv.pdf

Any Stanford investors, who have not yet decided whether to join this action, should contact their own attorney at their earliest opportunity, or the attorney submitting the FTCA claims on behalf the Stanford International Victims Group: Kachroo Legal Services of Cambridge, Mass. who already have experience of submitting over 500 claims on behalf of the Madoff investors.

Email: info@kachroolegal.com

Should any Stanford investors wish for more detail of the campaign and the various arguments, please register for our private investor’s forum, which is free of charge and available only to bona-fide investors in the failed Stanford Financial Group: http://svg.creatuforo.com/profile.php?mode=register


Written by David Brent

For Stanford International Victims Group

1 comment:

  1. What about all of the rest of us that lost all of our retirement funds. I wish there was some way we could see some of our CD monies.

    ReplyDelete