Where is the class action filed?
Exhaustive research has been done covering the best forum to file the lawsuit, the strength of each claim, as well as best likelihood for recovering after receiving a favorable judgement. The conclusion we have come to is to pursue a ‘class action’ in Sweden. Note that this is technically called a ‘group action’, however it functions in a very similar way as a class action in the US, with a few disclaimers below. There are class members, as well as sub class members who have been affected but in a slightly different manner.
The decision to bring the class action in Sweden as opposed to the US was made with the following reasons in mind:
* Ability to encompassing the many non-US consumers.
* Ability to include a larger number of subclassifications of claims (if a class in the US, it would have likely been limited to the most viable class(s) that would survive class certification, therefore eliminate a lot of consumers)
* Lawsuits in Sweden will be far more efficient, and faster than the US legal system
* The road to judgement, and collections will be substantially faster.
* We are also projecting a higher recover for each group member utilizing this forum.
* Partner with local attorneys in Sweden who have been working cases successfully against KNC and have already built good rapport with the local judges
The Swedish legal system is very unique, and vastly different from the U.S. legal system. Most people have heard of U.S. lawsuits as mostly contingent “no win no fee” type of case, in which the attorneys take a huge chunk of the winnings for risking the up front costs (which has earned class actions and its attorneys a bad reputation in popular culture).
To clarify some misconceptions:-
• Class action lawsuits are fairly rare in Sweden. This has to do with the fact that there are no punitive damages. What you claim is what you get back, plus trial costs.
• Bar rules in Sweden prohibits ”ambulance chasers” and retainers that are connected to/dependent on a case win, meaning attorneys under the Swedish bar cannot represent you on a contingent basis.
• In a Swedish class action lawsuit, each participant is judged individually. This means that you have a better control on what goes on in your particular case. You can for example choose not to settle even if the rest of the group choose to do so. Your case will individually go through the trial process with a judgment at the end of it. This is particularly helpful in this specific case since every claimant has a slightly different type of claim – in a class action, you are not tied to other people’s case.
Who is the legal team?
The Swedish legal team comprises of Magnus Daar (Daar Advokatbyra AB) and Joakim Strignert (Juristfirma Din Rätt), and the American legal team is headed by Charlotte C. Lin (Law Office of Charlotte C. Lin). The teams have joined forces to work collaboratively on one global class action that encompasses consumers from every country for almost every claim.
Here’s how to join the Group / Class Action:
We require an up-front retainer of 15% of any invoices you paid to KNC. ( For example, if you paid KNC $10,131.80 USD for a Titan, your retainer will be $1,519.77). This retainer is up-front, and we will not agree to accept a portion of your winning in lieu of the up-front retainer (as in a contingency case). We have made a jurisdictional decision to pursue the class action in Sweden, and Swedish law forbids lawyers from taking cases on a contingency.
If Swedish court demands a security bond for your individual case, you are also liable for a bond, which is refunded upon favorable verdict. We make no guarantee that we can waive your bond requirement. We will make every effort to seek a waiver of the bond requirement for the class members. However, the bond requirement may depend on which nationalities are represented in the Class Action and thus, we cannot guarantee that this bond requirement will be waived before the case proceeds. This bond requirement may also be subject to modification based on the judge’s discretion. Thus, we make no guarantee that the court will waive the bond requirement.
We are now confident that the 15% retainer will cover the total costs of the lawsuit.
This means the following:-
The retainer will still be 15 % retainer of your purchase amount. However, we are now able to commit to this number, meaning that there will be no extra costs on top of your retainer. Your retainer will cover all legal work up to a judgment in district court. This includes everyone who has previously contacted us about joining this current class action or has filed a pending claim with us.
Also, there is an upper cap on the retainer amount to $10,000. This is to accommodate clients with high number of miners.
Please note that the retainer doesn’t cover work connected to a possible appeal by KnC. But, You will be able to withdraw from the class action lawsuit if you want at this stage.
This retainer fee is non-refundable from our firms. However, as part of your legal fees, this will be part of your damages you seek from KNC as part of your settlement or judgment if you win.
Why is there a fee to join the class action? What are my expected return?
We are evaluating expected damages at this moment for the proposed class. If you are pursuing an individual action, your expected damages may vary depending on your case. However, like any other case, we cannot make any guarantees as to outcome.
Swedish laws forbid “contingency” cases by a law firm. We have made a jurisdictional decision to pursue the class action in Sweden. We realized that individual actions were not financially feasible for most miners who purchased a low amount of miners. To mitigate this problem, we proposed this fee structure.
We require an up-front retainer of 15% of any invoices you paid to KnC. ( For example, if you paid KNC $10,131.80 USD for a Titan, your retainer will be $1,519.77). This retainer is up-front, and we will not agree to accept a portion of your winning in lieu of the up-front retainer (as in a contingency case).
Note:* If Swedish court demands a security bond for your individual case, you are also liable for a bond, which is refunded upon favorable verdict. We make no guarantee that we can waive your bond requirement. We will make every effort to seek a waiver of the bond requirement for the class members. However, the bond requirement may depend on which nationalities are represented in the Class Action and thus, we cannot guarantee that this bond requirement will be waived before the case proceeds. This bond requirement may also be subject to modification based on the judge’s discretion. Thus, we make no guarantee that the court will waive the bond requirement.
You will be awarded the attorney fees you have expended from KnC upon favorable verdict. However, Sweden allows for a two-way attorney fee shifting provision. This means that in the case that you lose against KnC, you will be liable to pay KnC for their attorney fees and expenses in defending this lawsuit.
Update regarding payment method:
When we invoice you, you will have the choice of either payment by wire or payment by Bitcoin. For Bitcoins, we charge a 2% handling fee. For payment by wire, the address will be from OMNISOURSE LEGAL GROUP, Pllc iolta. We will send you the address and detail after we approve your claim file.
Will I get my retainer back? - short answer is you will, but from KNC
The retainer is non-refundable to our firm, however, you will be awarded your legal costs against KNC when you win, per Swedish laws.
You bought a titan for $10,131.80. Paid $1,519.77 in legal costs (the retainer). You were awarded $12,000 in damages plus the $1,519.77 you paid in legal costs. You will then be able to recuperate your legal costs back from KnC.
Many of you have been wondering what the financial risk is in case of a loss. The trial costs claimed by KnC will be divided among the class action participants according to the following model:
Your retainer / The total retainer (paid by the whole group) = Your share in the class action lawsuit.
KnC trial costs claimed x Your share in the class action lawsuit = Your risk (or financial exposure).
E.g. Your share = 2 %. KnC trial costs claimed = 100 000 USD. Your risk = 2 000 USD.
The model ensures that your risk exposure never will be higher than your claim in relation to other participants in the class action lawsuit, with exception to people (if any) who reach the 10 000 USD cap.
What is the timeline to join?
We are opening the class for sign ups until July 20, 2015. The timeframe to join the action is only open for a few short weeks, so we highly recommend signing up and getting retained as soon as possible, so you don’t miss out.
Can I still get money if I don’t join the class action?
Our class action is a group action in Sweden. Unlike U.S. based class actions, our class action is a lawsuit on behalf of our retained class members only. Non-class members will NOT be eligible for any damages from our class action lawsuit. If our class action lawsuit wins recovery for the class, only retained class members who joined our class action will be awarded their recovery, if any.
However, this does not in any way preclude you from pursuing your own individual legal actions or other group or class actions against KnCMiner.
Do I qualify?
If you fall within these groups, you are encouraged to join our group action
Your Titan Batch 1 was shipped late.
Your Titan Batch 1 was defective.
You never received your Titan Batch 1.
Your Titan Batch 2 was shipped late.
Your Titan Batch 2 was defective.
You never received your Titan Batch 2.
Your Neptune was shipped late.
You never received your Neptune.
Your Neptune was defective.
You were promised cloud mining in consideration of giving up something (right to ask for refund, right to 2-for-1 miner, etc).
You were promised a “bonus miner” in consideration of giving up something (right to ask for refund, etc).
You were shipped a miner that was obviously used.
Your Titan Mini was shipped late.
You never received your Titan Mini.
Your Titan Mini was defective.
You asked for a refund before your miner shipped, and was denied a refund.
You are encouraged to file a claim with us. We will review your file to qualify you for the class action. If you qualify to join the class action, we will notify you in writing that we agree to represent you in the class action.
How do I join the class action?
Simple: Follow these short and easy steps
1) Fill out our online claims form. Download, read, sign, and upload your retainer agreement. You must also upload a proof of purchase. You will receive a receipt number. Keep this for your records.
2) Wait for approval from our firm in writing.
3) Upon approval, we will send you information to pay the retainer fee.
4) We will send you further information from there-on on what to expect and inform each step of the procedure (such as when the court will contact you for your agreement to join the class, etc).
5) Upload other administrative information such as copy of passport, upon request.