DID YOU INVEST WITH VIRGINIA TAN?
THIS NOTICE AFFECTS YOUR LEGAL RIGHTS
A class action has been certified by the B.C. Supreme Court in Jastram Properties Ltd. v. Virginia Mary Tan et al. S.C.B.C. No. S-162335. The action was certified on April 2, 2019.
The class action has been certified on behalf of all persons, other than the Defendants, who have provided funds to invest in the Tan Investment Scheme promoted by Virginia Tan and who have received payments from the scheme which are lesser in total amount than the total principal amount they invested (the “Class”). The court has appointed Jastram Properties Ltd. as the representative Plaintiff.
What is the class action about?
The class action alleges that Virginia Tan operated a fraudulent investment scheme, known as a Ponzi scheme, in which money invested in the scheme was used to make payments to other investors in it or otherwise converted by Virginia Tan for her own use and benefit, or for the benefit of her spouse, Patrick Tan, and/or adult son, Marcus Tan, and that the other Defendants assisted Virginia Tan in carrying out this scheme or received the benefit of funds invested in this scheme.
The Defendants deny the allegations, which have not been proven, and are defending the action.
How do I participate?
You are automatically included in the Class. You do not have to do anything to participate. If you do not want to be part of the class action, you must notify class counsel in writing at the address below by not later than August 2, 2019, providing your name and address and indicating that you wish to opt out.
However, if you would like to be kept updated as to the status of the action, please complete the information registration form.
What are the financial consequences?
Judgment on the common issues for the Class whether favourable or not will bind all class members who do not opt out of the proceeding. If the Class obtains recovery against the Defendants, then you will be entitled to share in the recovery. If you opt out of the class action, you do not have this right.
If the action is not successful on the common issues, no class member will be responsible for legal fees or costs. The representative Plaintiff has entered into a contingency fee agreement with class counsel for the legal work on the common issues. Class counsel will be paid only if the action is successful. The court will determine the amount to be paid to class counsel for legal fees and disbursements. Class counsel’s fee will be a maximum of 35% of the total amounts recovered under any judgments, orders or settlement.
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