Giambrone Launches Litigation Funding for Fraud Litigation

Third-party litigation funding in the UK and in the US is becoming increasingly popular as a way of enabling individuals to achieve justice and has now entered the mainstream practise. Investor groups have been pouring unprecedented sums of money into financing litigation and in recent years, well-heeled investors such as pension funds “have collectively pumped more than a billion dollars in the sector”, according to a May 2016 Wall Street Journal article.

 

One of the first cases in which Giambrone is considering accessing litigation funding on behalf of our clients, relates to a proposed class action against one of the world’s largest binary option brokers with a history of regulatory issues on four continents. Giambrone is currently investigating multiple complaints of fraudulent binary options trading by several investors against Banc de Binary, a Cypriot and Israeli investment firm trading in binary options along with ET Binary Options Ltd, BO Systems Ltd and BDB Services Ltd (which are based in Israel and the Republic of Seychelles).

 

Banc de Binary, which in 2015 announced that it had signed a one-year sponsorship with Liverpool FC, has recently hit the headlines with the latest adverse court judgment obtained by the U.S. Commodity Futures Trading Commission (CFTC) which forced the company to pay over 9 million dollars in restitution to a large number of American clients. This judgment has set a precedent and has provoked a number of European, Australian and Middle Eastern investors to approach Giambrone with a view to issuing civil and regulatory proceedings to seek compensation and restitution.