Definition of a Class Action (or Mass Tort Litigation)
A "class action" lawsuit is one in which a group of people who have suffered harm in one form or another, be it physical, financial, psychological or emotional, sue the defendant as a group. People institute class actions for a variety of reasons such as the following examples:
- Medical drugs side effects
- Motor vehicle defects
- Oil Spills
- Corporate Fraud
- Securities Fraud
- Employment contracts
- Consumer product defects
- Accidents (Coaches, Ships, Aeroplanes etc)
Securities Class Action Lawsuits
class action lawsuit is one that is filed on behalf of the investors, who
have suffered economic loss in a stock or security due to the defendant's
misconduct. The defendant may have engaged in conduct that materially affects
the stock price, or they have broken the US federal securities laws.
The net effect of this, is that it results in financial loss for many people. In order to gain compensation for the collective loss, all the investors come together as a group and file one case as a single class action, to recover monies lost and seek redress for the duration of the time that the fraud or mis management occurred.
Recovery of Your Money
We at RAFT specialize in helping individuals, financial institutions and other
investors to check whether they are able to claim and how much. We then
process the claim for you and file it on your behalf with the court.
Once the court has approved your claim the money settlement is then paid directly to the beneficiaries be they a financial institution or an individual
Class Actions in Hong Kong
Currently, the only
method for instigating a class action type lawsuit in Hong Kong, is
by using what is known as "representative proceedings".
This process is considered to be more restrictive, than a typical class action, because it requires that the contract between all plaintiff members and the defendant is the same.It also requires the defendant to plead the same defence against every plaintiff, likewise the plaintiffs need to claim for the same relief, in order for the action to proceed.