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The idea of a small group of people taking on a commercial behemoth – and winning – has always elicited public interest and sympathy.
Class action lawsuits, which are civil lawsuits undertaken collectively by a group of people who have suffered a common loss or injury, are a legal solution which enables plaintiffs to level the playing field by sharing experiences, knowledge, risks and rewards with others in the same position.
Looking back through history, the practice of group litigation had some origins in medieval England, when groups of people, such as parishes or guilds, sued or were sued collectively under common law; this became less and less common between 1400 and 1700 and effectively died out.
However, a major resurgence took place in the 1960s in the US following changes in the Federal Rules of Civil Procedure. This has spread to the UK where, according to recent research by Thomson Reuters, the value of UK competition class actions (when businesses abuse competition law to the detriment of customers) increased by £4bn to over £26bn in 2022.
Reasons for class action lawsuits include:
Without the benefit of class action lawsuits, many people who have suffered from decisions made by major conglomerates would never have a chance to achieve justice. The spectre of mounting legal costs is enough to dissuade most individuals from pursuing a legal route, but when costs are covered jointly it becomes a much more affordable process. Class action lawsuits are therefore an important means of holding rogue companies to account and shining a light on fraudulent practices.
The sharing of experiences and legal documentation also makes for a more streamlined and productive process, as well as contributing to greater efficiency of the judicial process. The time taken by a court to hear multiple cases relating to the same matter can be considerable, and can also lead to inequalities in outcomes for claimants. If a class action lawsuit is successful, all claimants benefit equally.
One of the most notable class action lawsuits in the UK in recent times was Merricks v Mastercard (2020) UKSC 51 (Merricks) where former financial ombudsman Walter Merrick represented 46.2 million people in a £10bn lawsuit against payments company Mastercard. However, there is no specific number of people needed for these lawsuits in the UK although generally there are at least ten claimants.
A recent survey in Portland’s third annual Class Action report showed that there is an increasing enthusiasm for class action lawsuits in the UK, with 60% of British people willing to take part in a claim against a company whose actions have had a negative impact on them, 52% saying they would join one if they were overcharged due to a company’s dominant market position, and 50% willing to take part if they were overcharged because of a lack of information.
Undertaking a class action can be a daunting prospect, and calling in a specialist is a guaranteed way of ensuring your case has the best possible chance. Goal’s class action recovery services team has extensive experience in reclaiming financial losses for shareholders of companies where mismanagement and illegal practices have occurred.
We pride ourselves on our meticulous research and professional approach. Why not contact us and find out how we can help bring your case to a positive conclusion?
A class action is a lawsuit initiated by an individual or company on behalf of other individuals who have suffered the same harm or experienced similar financial loss. Class actions are powerful procedural tools to hold wrongdoers accountable for widespread damages caused to a group of victims, who individually may not have sufficient damages to support the cost of prosecuting on their own.
Typically, it can take from 18 months to three years to conclude, from filing to settlement and distribution. Not all class actions follow this timeframe, as much depends on the unique details of each case. Our client portal makes keeping up to date simple.
Class action notifications refer to notices sent from litigators to individuals, investors, banks, and companies to encourage participation in an ongoing class action case where compensation may be due. For many, keeping track of these opportunities can be overwhelming, which is why our alert notification system is valued by our clients, globally.
We are provided with a complex formula which is entered into our application to allow us to calculate the recognised loss. The formula takes many elements into consideration such as the holding period/class period, amount of shares, length of holdings and types of shares. When a client is on-boarded we request a specific set of data which then maps to the calculation in our technology and produces an estimate on the recognised loss based on a variety of specific criteria
Goal prides itself on its compelling and flexible pricing. So much so that it is one of the cornerstones of our business. Typically, Goal will charge a percentage per claim, which is purely contingent and paid upon receipt of the distribution. As the money is paid to Goal, we will usually deduct the percentage before paying the remainder to the client. The reason we offer proof of concepts is to enable us to be as competitive on pricing as possible. Our SaaS Accelerator application has an annual fixed price subscription available.
Fill out our enquiry form or call us today to find out if you or your client portfolio is eligible to participate. Our dedicated team are on the end of the phone, and with offices across EMEA, APAC and the Americas, we provide global coverage for securities class actions. Our powerful Traffic Light System can assist you by taking into consideration criteria clients have for participating and based on that and the case summaries we produce, we can provide a recommendation, graded as a traffic light.
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Goal Group Ltd
9 Perseverance Works
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London
E2 8DD
United Kingdom
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