Banc de Binary faces new Lawsuit, as the London law firm Giambrone prepares for a group litigation against the Binary Options broker. Will the brokers' clients be able to recover their funds? How did the law firm respond to Banc de Binary's possible shut down?
10 January, AtoZForex – Earlier in March 2016, US authorities ordered Banc de Binary Ltd., ET Binary Options Ltd., BO Systems Ltd., BDB Services Ltd. and its owner Oren Shabat Laurent to compensate $9 million to the US-based. Now, at the start of the new year, it is likely that Banc de Binary faces new lawsuit. Giambrone, the law firm with the main office in London, is preparing a class action against Banc de Binary.
Recently, AtoZForex reported a case, where the Banc de Binary allegedly scammed a single mother. Deanne Forest is a single mother from the UK. She was trying to pay her sons’ university fees by making some money with Banc de Binary. Unfortunately, she lost every penny in a few days by putting £12,500 of savings and credit card debt on high-risk trades. Following the loss, the company compensated her with worthless gifts.
Why Banc de Binary faces new Lawsuit
The law firm, Giambrone is no stranger to the Binary Options market, as it has spearheaded several binary options cases before. Last year, the law firm managed the cases against LBinary and NRGBinary. Now, the law firm is dealing with the complaints of Banc de Binary's former clients.
Following earlier reports of Banc de Binary fraudulent actions, the law firm is examining a series of complaints about the binary options firm. AtoZ Forex has reached to the law firm and spoke to Anne Gadd, the Head of Operations and Marketing at Giambrone. When asked about the case, Mrs. Anne Gadd stated:
“Giambrone believes that the best plan would be to assemble a class action and have the matter heard before the courts as swiftly as possible in order to have the best chance of restoring the lost funds. Approximately 40 clients have contacted us about the case, mostly from Europe, Middle East, and Australia. The joint value of BDB clients' claims is about €2 million."
Giambrone class action is taking form
Considering that the law firm has sourced litigation funds, Giambrone is currently in the negotiation process in relation to the preparation with a litigation hedge fund in the City of London. The process itself includes legal financing for parties that are unable to pay in advance. As a return, the sponsor of the case normally receives a success fee. Anne Gadd clarified further:
"Any individual that seeks to recover funds from Banc de Binary, should know that Giambrone has sourced litigation funding. Hence, we are in the process of establishing a partnership with a funder. In order to support the clients who have suffered financial fraud. We need to reach at least 3 million to make the litigation financially viable for the litigation funders."
Banc de Binary shuts down? Giambrone responds
According to media reports, Banc de Binary is shutting down. Online reports claim that a high-level official at the Banc de Binary confirmed the news. Moreover, the company official explained that the owners of the broker took the decision. As, the company’s owners decided on shutting down the operations due to the amount of negative press around the company.
Is Banc de Binary shut down, a positive or negative news for Giambrone and the clients? Answering this question, Anne Gadd replied:
"On one hand, it can be a good thing that Banc de Binary is closing down its fraudulent operation. As no more individuals will suffer at their hands. On the other hand, the concern is that it may be harder for our clients to obtain restitution from them. Especially, if Banc de Binary follow the closure announcement with an application for insolvency before the clients have had the opportunity to recover their losses."
What to do if you are a troubled Banc de Binary client?
Now that it is publicly known that Banc de Binary faces new Lawsuit. What should you do, if you are a troubled Banc de Binary (former) client? You can turn to Giambrone for legal advice. Moreover, the law firm's Head of Operations and Marketing, Anne Gadd explained:
"Anyone who wishes to be added to the class action against Banc de Binary should go to Giambrone’s website. There you should complete the registration form, found under Private Clients -Binary Trading Litigation page. Our client services department will contact you afterwards."
Do you have questions about Giambrone's group litigation? Or are you a troubled BDB client? Let us know in the comments section below.