Mt. Gox's creditors can finally claim online ... - Selachii

UK lawyer says 'hundreds' ready for bitcoin class action - More than 400 people have signaled they would join a class action against Mt. Gox, the world's biggest marketplace for the digital currency bitcoin before its abrupt collapse, British-based law firm Selachii said

submitted by Aschebescher to worldnews [link] [comments]

UK lawyer says 'hundreds' ready for bitcoin class action - More than 400 people have signaled they would join a class action against Mt. Gox, the world's biggest marketplace for the digital currency bitcoin before its abrupt collapse, British-based law firm Selachii said

UK lawyer says 'hundreds' ready for bitcoin class action - More than 400 people have signaled they would join a class action against Mt. Gox, the world's biggest marketplace for the digital currency bitcoin before its abrupt collapse, British-based law firm Selachii said submitted by Aschebescher to Bitcoin [link] [comments]

Selachii creating a client list for potential lawsuit

Selachii LLP are working for some clients to recover the potential losses from this debacle. They were one of the first law firms to accept bitcoin, and have been involved in the Mt. Gox case and a few others.
more information
I received the below email from them today, requesting more information from me:
"Thank you for providing us with your details concerning the ongoing issues with BTC-E. We are currently compiling a list of clients who have their funds/holdings seized by the USA Federal Authority.
At this early stage, we are reaching out to the relevant department in America to gain an understanding of their intentions concerning the assets they have frozen, We wish to recover as much of, if not all of the funds/holdings for those that are affected.
Whilst our discussions with those relevant authorities are ongoing, we need to initially obtain from you:-
  1. Your user name at BTC-E
  2. A notarised copy of your passport and proof of address
  3. Details of what funds/holdings you have with BTC-E
If you can please provide us with the above. Your details will not be released to any third parties without your express written permission. We will then register you as an affected party and act in your best interests to recover your current losses. We will also provide you with an update as soon as we have any news to share.
Yours sincerely
Richard Howlett
Partner"
submitted by TheRealDatapunk to BTCE [link] [comments]

Sellachi LLP vs MtGox, Discussion of fee

note: I am just trying to help the people who got goxed not advertise any particular law firm. Resources are posted first:
x post from: https://bitcointalk.org/index.php?topic=507274.0
background history on Selachii LLP:
http://imgur.com/XJg8Rxe source: http://wck2.companieshouse.gov.uk/ & search Selachii
'bitcoinsolicitor' on reddit i assume = Selachii representative
link given by selachii to confirm their background/experience:
http://www.sra.org.uk/solicitors/firm-based-authorisation/abs-registe597443.page
links to other related threads:
http://www.reddit.com/MtGox/comments/1zn09i/selachii_trustworthy/
A concerning review on selachii directors brought to our attention by http://www.reddit.com/useDonutmuncher:
"I read the whole thread on http://www.consumeractiongroup.co.uk/forum/showthread.php?367574-payday-loan-taken-out-2-years-ago-now-capital-credit-management-Lasker-International-taking-my-money/page4 when the Selachii directors were (allegedly) involved in debt collection.
It appears Richard Howlett (Capital Credit Management) was working behind the scenes with Simon Taylor (Lasker Int) to get debts paid back but denying they knew about each other. They both are directors of Selachii now. "
Selachii's letter to everyone:
Selachii LLP London 7th March 2014 www.selachii.co.uk
Selachii LLP have now received enquiries from more than 1,000 potential Claimants following the collapse of the MT Gox Bitcoin exchange. We have retained the services of Nigel Power QC and Daniel Rogers of 7 Harrington Street Chambers to pursue these claims. There are obvious advantages in costs for group action or actions to be pursued against Mt Gox (and/or Tibanne KK and Mark Karpeles) for fraud, negligence and/or breach of contract in Japan, the USA and/or England. Because of this, Selachii LLP are in advanced talks with Japanese and US lawyers with a view to combining resources and keeping costs to a minimum.
As Mt Gox have filed for bankruptcy protection in Japan, it is important to realise that establishing liability against the company may not necessarily result in the recovery of damages, a position which will be carefully monitored. As in all litigation, there is a cost risk for a Claimant if that Claimant were to lose the litigation. However, we are examining options for Insurance policies that would protect Claimants from such costs. Further and detailed advice from Counsel regarding appropriate litigation insurance and also the prospects of success of any claims will be forthcoming to clients in due course. However, more detail regarding the losses is required in order for us to provide this advice and guidance to clients.
A questionnaire has been prepared which will give sufficient information for every potential claim to be assessed quickly. Counsel will provide a full opinion on the merits and advice as to how matters should be taken forward by the 24th March 2014, or 7 days after receipt of the questionnaire, whichever is the later date. The fee for Counsel and Selachii LLP to initially build a case, obtain evidence and undertake fact finding will be 2 BTC per claimant.
This fee will also include:-
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
It is felt that at this stage, it will only be viable financially to claimants to join in the class actions if they have 7 BTC or more.
We would be grateful if each client who wishes to proceed would return the signed questionnaire and terms of business (with certified ID as per the questionnaire) by email and post. The claim will then be processed when funds on account of 2 BTC arrive (address TBA).
It is important for claimants to understand that a claim will only be issued if negotiations fail. If it becomes necessary to issue claims, consideration will be given to the filing of class actions in whichever jurisdiction is deemed appropriate for your case. At that stage a further quotation will be provided (if necessary) for the costs relating to litigation, although consideration will also be given to proceeding on a contingency fee basis.
My questions:
Sorry but i think this should be discussed, many young people in bitcoin are likely very new to the legal world:
The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases.
1.) Approximately how much extra could be charged from selachii if the MtGox case goes further?
2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back?
3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc.
Note: I will personally find 2btc amazing value with some kind of result or guarantee btw
4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients?
5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims?
I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later.
Anyone else have concerns please post.
So everyone knows, im assuming 'bitcoinsolicitor' is connected with Selachii LLP https://bitcointalk.org/index.php?action=profile;u=212314
Selachii response:
The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases.
Yes we have been contacted by approx 1000 people. We have people who have lost 1 BTC or less and others who have lost many thousand. For some people unfortunately our proposal will not be viable.
We may release a second proposal for smaller claims at a later date.
1.) Approximately how much extra could be charged from selachii if the MtGox case goes further?
This is impossible to accurately answer. If there are enough validated claims from a certain jurisdiction then there may be enough funds to issue a claim if necessary. If further funds are required then a new proposal will be provided.
Please note that the fee is not just for a potential group action and includes the following:
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back?
Please see above. If Counsel have started work on your matter and advice has been provided then no refund would be due. It would be brilliant news if everyone was paid back by Mt Gox in two weeks Smiley
3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc.
Why does no one query this with fiat currency pricing? Often services and products are for sale for £10 or £100 or £9.99 or £99.99. Rarely do you see fixed fixed service prices at £9.34 or £913.45 etc
Obviously we did have a choice here when pricing our service.
We could have said £749.41 GBP (which is an odd number Smiley) and let people choose to pay with GBP or BTC.
FYI you can still pay the fee in GBP / Pound Sterling.
Note: I will personally find 2btc amazing value with some kind of result or guarantee btw
Thank you - we think so too. It is not cheap to retain the services of a QC and Barrister to work on these matters. However it is simply not possible to guarantee success in any type of litigation.
4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients?
As per above
Please note proposal includes:
(iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims?
The 2 BTC is for:
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
It is not possible to advise of individual success of claims until Counsel have reviewed full details. This is why we have asked for the 'Information Questionnaire' and any documentary evidence of losses.
Insurance will only become relevant if a claim is issued. If this needs to happen a quote will be provided. The cost will be shared between claimants. More claimants = less to pay
I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later.
What do you think is a fair fee?
Thank you for your questions and comments.
submitted by MarkKarp to Bitcoin [link] [comments]

Hayabusa Asuka law firm wants $500 sign up claimants to Mtgox rehabilitation claim

This Japanese law firm is offering their services in regards to the Mtgox rehabilitation plan. I thought I would post what I found out here to collate any information about them. I'm evaluating whether to join the Selachii, Greene/Edelson, Canadian lawsuit or Mtgoxrecovery.com lawsuits. This seems like another option to consider.
http://www.halaw.jp/eng/index.html
Hayabusa Asuka Law Offices now offers the service of providing advice to creditors of MtGox Co., Ltd. (a Bitcoin exchange company based in Tokyo) as a part of its international bankruptcy practice. For further information, please feel free to contact us by email ([email protected]).
In their email response below, they basically say they want $500 upfront to sign people up to rehabilitation claim, although it's not clear to me if we require their services for this. Maybe we can do it independently. Then they'll want $500 or 10% of your holdings (whichever is greater).
Thank you for contacting us on the Bitcoin matter.
As you might be aware, MtGox applied to the Tokyo District Court about a month ago for commencement of a civil rehabilitation procedure. The Court has not yet issued an order to commence the procedure, but the case is under examination by the Court.
Under such circumstances, we would be pleased to assist you if you wish to join the civil rehabilitation procedure, once the Court has issued an order to commence said procedure. In particular, we would file a proof of rehabilitation claim as your representative and would answer your questions about the procedure. In this regard, please note that the amount that will be paid back by MtGox through the civil rehabilitation procedure has not been decided yet. Such amount totally depends on the Court’s decision and the plan that MtGox presents in the civil rehabilitation procedure. However, at a minimum, a party who wishes to be repaid during the procedure is required to file a proof of rehabilitation claim.
For the legal services above, we would charge USD 500 as our initial fee to represent you at the civil rehabilitation procedure. In addition, when the case is completed, we would kindly ask you to pay, as a contingency fee, an amount that is the greater of: (i) USD 500 or (ii) 10% of the sum that is determined to be your entitlement you collect through the procedure. Any actual costs such as postal fees would be charged separately.
Just for clarification, we are not filing a lawsuit against MtGox to represent its claimants. We are aware that a class action might be taken in other countries such as the UK; however, the services we can provide are different from services in relation to such class actions which do not exist in Japan at this moment. Therefore, please understand that we only provide legal services in relation to the civil rehabilitation procedure.
Please consider the above and let us know if you would like to proceed on such basis. If so, we will send our engagement letter to you shortly.
If you have any questions, please do not hesitate to contact us.
Best regards,
Kaoru Takamatsu / Tetsuo Nakanishi /Takehiro Fujita/Toshiyuki Osawa/Chie Tabata/Sunao Tsubakihara(Attorneys-at-Law) Andrew Hacker (Admitted to Ontario Bar, Law Society of Upper Canada) HAYABUSA ASUKA LAW OFFICES Kasumigaseki Building 4F, 3-2-5 Kasumigaseki, Chiyoda-ku, Tokyo 100-6004 Japan Tel. 81-3-3595-7070 | Fax. 81-3-3595-7105 | www.halaw.jp
The firm seems to specialize in bankruptcy: http://www.primerus.com/tokyo-jp-bankruptcy-lawyehayabusa-asuka-tokyo-japan-jp.html
submitted by Donutmuncher to Bitcoin [link] [comments]

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Mt Gox Crisis for bitcoin investors. Potential class action advice from Selachii lawyers in London. 020 7792 5649 . [email protected] Buy & sell cryptocurrency with Selachii ... Selachii bitcoin class action lawsuit against Mt Gox and Mark Karpeles. 020 7792 5649. [email protected] Buy & sell cryptocurrency with Selachii ... Hundreds want to join Mt Gox lawsuit, says UK law firm Selachii to file suit in London against parent company and Mt Gox chief Mark Karpeles Mt Gox said it may have lost 750,000 of its customers ... Selachii LLP have now received enquiries from more than 1,000 potential Claimants following the collapse of the MT Gox Bitcoin exchange. We have retained the services of Nigel Power QC and Daniel Rogers of 7 Harrington Street Chambers to pursue these claims. There are obvious advantages in costs for group action or actions to be pursued against Mt Gox (and/or Tibanne KK and Mark Karpeles) for ... Victims of the failed bitcoin exchange Mt. Gox can now make an online claim for compensation thanks to the civil rehabilitation process sanctioned in June.. Mt. Gox was once the world’s largest bitcoin exchange before being declared bankrupt in 2014 amid claims that those behind the exchange had stolen between (depending on which report you believe) 744,000 and 850,000 bitcoins.

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