Notice to Other Funded Persons under clause 3.17 of JPB Liberty Conflicts Management Policy (CMP)
The settlement offers made by the Respondents have NOT been accepted.
A Court date of 14 August 2024 has been set for the hearing of the Applicant's applications for a No Adverse Cost Order under s 82(4) of the Competition and Consumer Act 2010 (Cth) and the Applicant's application for leave to appeal the judgement staying the case.
See details of appeal here.
Counter Settlement Offer
The Applicant, Andrew Hamilton, proposes to make a counter-offer of settlement to the Respondents in the following general terms:
The Applicant and JPB Liberty Pty Ltd will take the actions and provide the undertakings set out the Respondents' Offers in return for:
- the Respondents removing all restrictions on cryptocurrency advertising on their platforms that exceed those required by law in each jurisdiction.
- the Respondents paying US$100 million into a compensation fund for the losses of the Applicant and Other Funded Persons from the Respondent's Ad Ban.
- all parties bearing their own costs.
Pursuant to clause 3.17 of the CMP, where at least 30 Other Funded Persons indicate they want external legal advice on whether this settlement offer should be be made, JPB Liberty will appoint lawyers to advise the applicant on this.
"Other Funded Persons" means those people (around 660) that have signed up to the Crypto Class Action by executing JPB Liberty's Litigation Funding Agreement.
JPB Liberty will allow one week, until 25 June 2024 for at least 30 Other Funded Persons to indicate whether they want external legal advice on whether this offer should be made.
We've had some good questions that I would like to answer publicly.
Documentation of damages from individual signed up class members will likely be required in order to allocate settlement funds on a pro-rata basis. The limited information provided at signing of the Litigation Funding Agreement is unlikely to be sufficient.
Attorney Fees and other legal related costs will be deducted from the settlement sum but they are very minimal compared to the amount of the settlement fund proposed. As I have done almost all the legal work on a self-represented basis, the legal costs deductions are far smaller than would normally be the case.
Thanks for the update. I'll look into this more and check out the video by @brianoflondon
What sort of documentation would be needed?
Evidence of losses from Ad Ban.
For example evidence of selling crypto after the Ad Ban dropped markets from Feb 2018 onwards.
If you had a crypto business that suffered from being unable to advertise etc etc.
I’ve put together a video which helps explain what’s going on with the offer and counter offer here. I hope it helps.
https://peakd.com/hive-181335/@brianoflondon/srjsthqr
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STOPI'm good. I don't need any external legal advice. I think your counter offer is acceptable.
You have the "Green Light" from me to go ahead with that offer.
Thanks for your work.