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Navra Financial Services Warrants Class Action

Discussion in 'Accounting, Tax & Legal' started by Simon Hampel, 12th Feb, 2015.

  1. Simon Hampel

    Simon Hampel Co-founder Staff Member

    9th Jun, 2005
    Sydney, Australia
    I was asked to post this on behalf of someone else.


    If you were a client of Navra Financial Services between 2005 and 2014 and you acquired Royal Bank of Scotland (RBS) issued warrants and lost money as a result of acquiring these products, you may be entitled to compensation. Shine Lawyers has commenced proceedings against RBS in relation to the warrants, and has secured litigation funding from Litman Holdings Pty Limited to fund the class action.

    Should you have any questions of any aspect of the proposed class action or require clarification please contact our Class Actions Team on 13 11 99 or [email protected].

    For those of you who were not able to attend the meeting on the 4th of February here is a brief overview of where things are at:

    • The class action documents have been lodged with the Australian Federal court
    • The papers need to be served to RBS in mid March
    • Due to the litigation funder being involved (Litman Holdings ) there is zero risk to any of the class members - even if the case is lost, the litigation funder will wear all costs.
    • Independent legal advice has been sought in relation to the documents the class members will need to sign in order to join the class action - the Independent lawyer has given all these documents the ?all clear?.
    • When questioned about the possible amount the class members could anticipate receiving, a parallel between our case and the recent Storm Financial case was made where the class members of that class action received in their pocket 40c in the dollar. So if the class member lost $1,000 they walked away with $400 in their pocket after all was said and done.
    • There is an opportunity to seek damages on the interest that you would have accrued if you would not have lost the money via the RBS warrants.

    There is however one not so small issue and that is one of numbers. In order for the litigation funder to fund the action there has to be enough money in the pot to make it financially viable for them to go to the effort to run the action. At the moment not enough people have signed up for this to take place. We have till the end of February to get the completed paperwork to Shine. By the end of Feb they will know if they can progress with the case or not. With this in mind I would encourage anyone who is uncertain or 'fence sitting' to address any concerns they may have by contacting Shine and sign up ASAP. Also if you know of anyone who was involved with the RBS warrants who has not yet made contact with Shine or is hesitant to do so PLEASE contact them and point out to them that there absolutely no downside whatsoever and there is a potential for a financial gain for which they need to do very little. We must get the numbers up. No numbers - No action.

    I encourage you all to log into the Shine forum Login and participate in the discussions that take place there. This way any questions or concerns can be raised and addressed.

    I know many of us, if not all of us, are fatigued and disillusioned by everything we have been through with the Steve Navra saga, the legal fraternity and in general trust and decency - however the RBS class action is a very real and available opportunity to claw back some of the funds that we would all have mentally kissed goodbye several years ago. This may be the last chance to address some of the wrongs that were done.

    In closing - there is zero downside, we stand to gain 40c to 50c in the dollar, we can stick it to the banks!

    For those who live interstate or who were too far away to attend the meeting, Shine have said they are prepared to fly out and have meetings wherever there are clusters of affected Navra Clients interested in discussing this opportunity with them.

    Shine's contact details are below. Please contact Shine yourself or pass the contact details onto anyone you think may be able to gain benefit from this opportunity.

    Class Actions Team: 13 11 99 or [email protected].