It has been brought to our attention that a number of creditors have received correspondence from a US law firm requesting that creditors enter into a representation agreement with them or they risk losing their claims against the banks. The correspondence refers to claims against TD Bank, HSBC, Trustmark National Bank, Bank of Hoston and Societe Generale Bank (“the Banks”).
We are not seeking to advise creditors in any way with regards to what action they should take, if any, in connection with this correspondence. Creditors are free to take their own US legal advice on this matter if they wish to do so.
We would simply like to advise creditors that the Antiguan liquidators of SIB are pursuing claims against the banks (TD Bank, HSBC and will likely claim against Societe Generale in the near future) and that in the event we are successful in these claims that the net proceeds will be distributed to creditors irrespective of whether they have individual counsel. We also understand that OSIC are is also pursuing claims against the Banks which if successful will also result in creditors receiving funds.
