The LM Investor Victim Centre (LMIVC) is fighting to improve recovery for investors of the Australia-based A$400m (£226.1m, $300.4m) LMIM Managed Performance Fund (MPF).
According to the action group’s website, after collapsing in 2013, LMIM owes 12,000 investors around the world a total of A$750m.
LMIVC is working with Greg Fairley of Capital Interchange and London Law firm Harcus Sinclair to examine opportunities to bring actions in England & Wales, as well as other jurisdictions.
The group is currently undertaking a data collection exercise of MPF investors to determine the feasibility of recovery actions.
LMIVC claims to have over 770 registrants and represents over A$68m of investors lost funds.
The exercise will initially focus on collecting data from investors who meet one or more of the following criteria:
- Were based in the UK at the time of investing in the LM MPF;
- Invested in the LM MPF following advice from a UK adviser/intermediary whether they were based in the UK at the time or not;
- Invested following advice from a non-UK adviser/intermediary;
- Invested following a presentation or advice from LM UK or an LM company in any other country;
- Invested following a recommendation/suitability report from a pension fund trustee;
- Invested following a recommendation/suitability report from an insurance wrapper;
- Anyone who has made a complaint to a financial regulator in any country;
- Anyone who undertook their own due diligence via any of the LM companies prior to investing in the LM MPF.
Time of the essence
The founding member of LMIVC believe that time is of the essence and MPF investors must respond quickly by completing the questionnaire to minimise the effects of any statute limitations in England and Wales and other jurisdictions.
The questionnaire can be found by clicking here.
Not the only one
LMIVC is one of a number of victim support/action groups that sprung up in the wake of the LMIM collapse.
Representatives of the action group LM Thailand Investor Group (LMTIG) persuaded the Australian ambassador to Thailand to represent their case to the Australian government in July 2015.
In September 2015, a group of Thailand-based IFAs involved in marketing MIM’s range of nine funds, the Adviser Committee of Investors (ACI), strongly criticised the rising bills from insolvency practitioners and the slow pace of Australian regulators in dealing with the case.
In October, LMTIG secured support from the British Embassy in Thailand, who had previously said the UK was unable to intervene because LM was based in Australia.