There have been many developments in Class Actions since this Leon Kaye Solicitors first became involved in them some 20 years ago. An initial obstacle back in the 1990s (now removed by Leon Kaye Solicitors) was that After The Event Insurance to protect against an adverse costs order had not developed into the current product and there was the risk that if the Claim were to be unsuccessful there would be both Joint and Several Liability for Costs. What this meant was that although the Claimants (i.e. members of the Action Group) as a whole were jointly liable for costs as between themselves nevertheless members of the Action Group would also be individually i.e. “severally” liable for the entire costs payable to the Defendants. Those Defendants could pick off a group of Claimants or indeed one very rich Claimant considered to be good for the costs which could run into millions of pounds. This obviously was a huge deterrent. Ultimately Leon Kaye Solicitors (then known as Leon Kaye Collin & Gittens) successfully obtained a Court Order pursuant to a Court of Appeal Judgement in Ward and Others v Guinness Mahon (1996 4 ALL ER112 and 1996 1WLR 894) pursuant to which an “Advance Costs Sharing Order” could be obtained limiting the potential liability of each individual member of the Action Group to liability on a “several” basis only. This was a huge step forward as it meant that any Class Action in the future could be pursued on the basis that an Advance Costs Sharing Order could be obtained and the previous risk of a crippling Cost Order against individual members of the Action Group i.e the Class Action Claimants would at the worst only have to pay their share of any costs.
All members of an Action Group controlled by Leon Kaye Solicitors will have limited exposure to any potential costs liability. This immensely important Court Decision REFERRED TO ABOVE paved the way to a successful conclusion of the various Claims against Guinness Mahon and paved the way for other Class Actions.
Our Firm has had many successes over a period of 20 years to include major court settlements against leading Merchant Banks, Financial Institutions, Chartered Accountants and other Advisors who have been party to misleading or insufficient information given to Investors in different Financial Products. Many of our successes have included ground breaking legal decisions and have included the following:-
Guiness Mahon Merchant Bank, Resort Hotels, Equitable Life, Split Capital Investment Trust, Aberdeeen Asset Management.
For further information please contact Leon Kaye Solicitors Email: firstname.lastname@example.org or telephone 0207 228 2020