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. HSBC Bank Canada (“HSBC”), S.C.B.C. No. S-179117. The action was certified on November 12, 2021.
The class action has been certified on behalf of all persons, other than the Defendant, who have provided funds to invest in the Tan Investment Scheme promoted by Virginia Tan before March 21, 2013, which funds went through her HSBC Tan Accounts (the “HSBC Tan Accounts”), 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, and that the scheme was operated through accounts maintained by Virginia Tan at various financial institutions, including HSBC. The action alleges that HSBC knew, or concluded that it was reasonably likely, that Tan was using the HSBC Tan Accounts for fraudulent purposes, and that HSBC owed a duty to investigate, advise “appropriate authorities” of the fraud, and warn other financial institutions whose customer’s funds were the subject of the fraudulent activity in the HSBC Tan Accounts.
HSBC denies the allegations including that it knew, or concluded that it was reasonably likely, that Tan was using the HSBC Tan Accounts for fraudulent purposes. The allegations against HSBC have not been proven, and it is 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 February 1, 2023, providing your name and address and indicating that you wish to opt out.
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 Defendant, 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.
This notice has been authorized by the B.C. Supreme Court. Do not contact the court.
September 29, 2017
November 12, 2021
May 27, 2024