Richardson Hartley Law is examining a variety of ways to help victims.

Richardson Hartley Law believes that many 79th Group investors should be able to claim their money back via their banks. UK banks have a duty to protect their customers and the regulator requires them to reimburse investors if certain criteria are met.

However, banks and the Financial Ombudsman Service are currently saying that the 79th Group scheme was incredibly complicated and will not reimburse investors. We, and others, are pushing for this position to change but we cannot say when, or whether, that will happen.

The bank reimbursement model does have some limitations in that investors can often only reclaim up to £85,000 and must have sent their money from a UK bank. We are aware that many investors were from overseas.

For all these reasons, in the meantime, we are currently investigating a group action for 79th Group investors to see if we can help everyone to reclaim their money through litigation.

We are currently signing up 79th Group investors as we explore this possibility of group litigation while simultaneously protecting investors’ positions under the bank reimbursement scheme.