Blow to UK collective actions as BA, Slaughters beat Hausfeld in Court of Appeal

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  • What's wrong with just using the new fraud act against what was a conspiracy to defraud market participants. Recovering under a constructive trust theory and equitable tracing ??

    And is this fraud then not a predicate offence for the purposes of money laundering investigations ??

    Are we not discussing Serious Organised Crime ??

    Where is SOCA or are they not interested in fighting this type of Fraud??

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  • Surely it would be the SFO that should handle this? They're notoriously inept.

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  • SOCA is made up of SFO personnel as and when required !! no excuses, I don't think they like these type of defendants.

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  • Hearing was about whether representative action could be brough in the UK Courts. A question perhaps of "can the two claimants act on behalf of all those others (unidentified as yet) who may have a suffered relatively similar loss"?.

    This is a very different subject from: "Can any one of the persons who alleges that he has suffered loss as a result of alleged cartel activities claim that loss back from BA"?

    And a very different again from "should the SFO investigate BA for complex fraud, and subequently bring criminal proceedings against it".

    Read article, engage brain, type.

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  • Im pretty sure this case was about recovering losses as a result of co-ordinated over charging and market manipulation.

    The New Fraud Act merely requires a basic act of dishonesty resulting in a loss anywhere !!

    So instead of enjoining potential claimants in UK, any claimant could allege fraud and recover via contructive trust theory.

    An allegation of fraud would engage the various agencies and given the amount of over charging or losses then this brings the matter to the SFO and the conspiracy brings in SOCA.

    Sometimes you have to think outside the box, but thanks anyway for pointing out the obvious, yes you read the article and I considered the case and possibilities. 'Go You' as my daughter would say!!

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