Our Law Firm is: KIRWIN, FRYDAY Lawyers
T 519.679.8800 x 102
F 519. 518.2362
Main Entrance: 490 Talbot Street
Mailing Address: 140 Fullarton Street
Suite 104, Talbot Centre
London, ON N6A 5P2
DETAILS OF THE CLASS ACTION LAWSUIT
The details of the Class Action Lawsuit on behalf of members of the TCI Investment Club were outlined by one of our lawyers on Saturday September 17th at the Hilton Hotel in London, Ontario. Speakers were: Wayne Porter, MC and Committee member
David Kirwin, Partner SKM Law Firm, London
Ray Porter, KPMG Forensic Accounting firm rep
Nancy Swinkels, TCIR site administrator
Also present was the Head of the Technology firm hired to build a secure database for member registration, and various other team members from the law firm.
Our meeting was held privately, under lawyer-client privilege, and I can only report basic information on this site. Once we are able to communicate via the secure site on the SKM website, more details will be able to be posted.
Following introductions, David Kirwin spoke for about an hour, detailing with visual powerpoint assistance the basics of our class action case:
Setup and Purpose of a Class Action
Steps being undertaken
Our Class Action: We have chosen an open class action suit that automatically includes all members of the TCI Investment Club who can provide proof of their claim. Advertisements will be posted in newspapers in many parts of the continent and overseas, as needed, and members will have three options:
1) Participate in the class action by providing a retainer of 250 Cdn ( 200 US ) and a basic information sheet.
2) Send a letter to SKM to formally request that you do not wish to participate.
3) Do nothing.
Explanation: TCI members who choose to actively participate in the Class Action and provide the 250 retainer and paperwork will become preferred members of the group. They will have secure access to information on the SKM site, providing updates on progress as possible, and guiding you though the lawsuit. When funds are available to be distributed, these preferred members will be paid first, and in this order: first, all retainer fees paid for the costs of the class action will be paid back to preferred members. Second, all remaining original deposit amounts from the TCI investment will be paid back to preferred members and once that is completed, all preferred members will receive profits as shown on their TCI statements and verified by SKM and KPMG, up to 100 cents on the dollar.
If, after these members have been paid, there is money remaining, it will be distributed to any TCI member worldwide who can prove a claim. There may be time limits placed on their ability to request funds and direction will be given by the courts, SKM and KPMG.
Structure of the Class Action:
Mr Kirwin described the above structure and explained that one of the first steps will involve Certification of the Class Action. The courts are asked to recognize and approve our groupís right to proceed as a Class with a common claim.
The Class Action Law Suit represents all members of TCI Investment Club, however a Representative Plaintiff is named in the suit. It was announced at the meeting that I, Nancy Swinkels, have been chosen to act as Representative Plaintiff in this case. The details of my involvement will be outlined as representative of all of us, and I may have to give statements to lawyers and the courts. The identitities of all other members is private and will not be released publically.
This lawsuit could take months or years to complete, however we hope to have answers to many of our questions in the next few months. If TCI management steps forward to assist us in this process, the answers could come more quickly and the costs would be less. We fully expect that the costs involved in this process will be ultimately collected from the personal assets of the Management of TCI and it seems to be in their best interests to assist us as much as possible. If TCI decides to pay us money such as principal, as they have long promised, it would not cancel our lawsuit, just cause the claim amount to be adjusted. The claims will cover 100 cents on the dollar of the contract amount promised to us by TCI management reports.
Budget: Initial work to be completed in the next few months is currently estimated to cost 40,000 to 50,000. We hope to register at least 1000 TCI members, whose contributions will provide a war chest of 250,000. This money is probably a fraction of what the final costs of this action will be, however, as stated above, it will be possible to ask the courts to award us assets of the defendants that can be liquidated and that money can be used to pay ongoing costs. Such assets will also be used to repay our own retainer expenses in the future.
Questions and communication between TCIR members and the lawyers are requested to be handled though firstname.lastname@example.org. Those will come to Nancy or another Committee Member, and we will answer the question if we can, or find out the answer and report back to you. If necessary, we may refer the question to a lawyer for clarification. Our purpose in streaming questions through admin@tcirevealed is to save costs: If 1000 members each made one phone call to the lawyers to ask a question monthly, our costs would skyrocket. As questions come in, I fully expect that a Question and Answer area will be provided to reflect the most common issues.
In closing, I would like to thank everyone who assisted in the collection of information about the TCI investment club over the past months and years and encourage you to continue to assist us that way. We all waited for 44 months while TCI management left us hanging after payouts stopped. A group of us first met to discuss a website in March 2005, launched the tcir website in April 2005 and hired legal representation in June 2005. We are excited and amazed at the resources that have been assembled and we look forward to finding the answers to the questions we need answered: Where is our money? How much of our money is left? What happened to our money over the past years? Who has control over our money and when will it be released to us? Has there been mismanagement of our money, including fraud, conversion and theft?
Of course, answers are only the first goals we have in this action. From the outset of the TCIR Website, our main goal has been for every TCI member to receive all the money they have repeatedly been promised by the TCI management. We hope we can recover 100 cents on the dollar of what was promised. We firmly believe there is money to be found and recovered.
Directions for joining the lawsuit are listed in the article titled "Registration Directions".
Please check back to our site periodically for further information and updates.
For questions, please contact: email@example.com
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