UPDATE 04/02: https://www.reddit.com/r/trading212/comments/lcilyl/trading_212_giambrone_law_class_action_update/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
TRADING 212 GIAMBRONE LAW UPDATE
So, i sent an email with a few questions in regards to moving forward with potential individual or group litigation. I believe they will still be assessing individual cases but would potentially group them together if they all share similarities?
Anyways, here is the response i received with my questions.
No problem at all, we have received a positive response since your email with a high volume of enquiries! Please see the below answers to your queries.
Answer: Yes - one of the causes of action will be that T212 were in breach of their Client Agreement by blocking transactions - which in turn resulted in losses by the investors.
Answer: No. The general rule in English law is that an award of damages is to compensate the injured party for loss rather than to punish the wrongdoer. So, generally speaking if a claimant who sues upon a breach of contract cannot establish and demonstrate what financial loss they have suffered, they will be unsuccessful in a claim for damages. There is an exception to this rule but it is unlikely to be applied in cases such as this.
Answer: Damages will be awarded in accordance with the losses. They are not capped but as you say, based on the losses sustained as a result of T212's breach of contract.
We look forward to working with you.
UPDATE 29/01: NEW POST!! https://www.reddit.com/r/trading212/comments/l7olly/update_on_t212_class_action/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
UPDATE 28/01: I have had a small chat with a specialist finance regulation solicitor who has said they sound like the potential for a class action lawsuit is promising but they will n... keep reading on reddit ➡
EDIT 4: An interesting one. Ihor Dusaniwsky from S3 answered on the question how it can be that they speak two different stories within 6 hours with " Seriously, trading changes on a day to day basis, shorts were holding on and now we are seeing them cover their positions. " - https://twitter.com/ihors3/status/1356020281249247238 - but paying users for their software still have 100% SI in the app. There only two options: They are lying or they are having a shit product. Both things are not good for them
Edit 2&3: As a comment said correctly " Buoy isn't a typo you retard. " - Thanks /u/tosseriffic
Edited: Structured it more. I wrote it like a real monkey and $GME holder.
TL;DR: S3 Partners announced some breaking news on $GME for today and didn't deliver. They delayed the report by over an hour and then handing out a 12 year olds school report which has been done during the lunch break.
Earlier this day they were showing indications that media is giving wrong impressions on how shorted the stock is:
"Amid the chaos of #GME, even the experts are confused about what’s going down. That’s why we need impartial data!! Contrary to popular belief, most of the $GME shorts are actually NOT covering. Take a look at this u/S3Partners data to see what we’re talking about."
3pm ET they gave their announcement on an " Exclusive $GME analysis coming at 5:00 PM EST " ( https://twitter.com/S3Partners/status/1355965388002095106 ) which was heavily delayed without further notice. Eventually almost an hour later it was told that i took a " bit of a delay, sorry " without any other information: https://twitter.com/ihors3/status/1356010101983891458
Then again some time later they have published there report which doesn't fit there quality standards and usual work. It gives a strong feeling that they were stopped in publishing their original work and quickly scrambled some stuff together.
The post and report doesn't provide even close to any useful data or proof to anything.
Link to tw... keep reading on reddit ➡
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