Community fintech 11Onze enters the litigation funding arena in the UK
11Onze, a leading community fintech in Europe, enters the litigation funding arena in the UK with 11Onze Recomana. Recomma promises to shield investment devalued by inflation in the checking account. Already two trenches of 100K have been raised.
For 11Onze, finding credible ways to offer wealth-creation opportunities for its communities is key. The litigation fund – Recomana- promises a good investment option. In inflation or deflation, the state of the economy has little bearing on the trajectory of court cases and lawsuits. And more insolvencies usually mean more disputes, which means more investment opportunities.
Explaining the rationale behind the launch, James Sène, chairman, 11Onze, said, “Our litigation funds are mainly focused on lawsuits against banks. This not only helps fight for justice; it also offers great returns on your savings above inflation thanks to the compensation the banks will have to pay.”
“Between 1990 and 2000 British banks sold 64 million Personal Protection Insurance (PPI) with improper practices. With Litigation Funding, you can help victims get their money back and you will also get inflation protection.”
“For our investors, capital is covered 100% by AM Best, a renowned qualification insurer. If the financial claims are favourable, in addition to the capital they will receive the average inflation in Spain during that period increased by 27%.”
It has been proven that British banks sold personal protection insurance irregularly. It was a massive practice that has already been condemned. The law firm wins more than 90% of the claims.
For 11Onze Recomana, the minimum capital is €25,000. On that amount, the client bears an expense of 2.25% as management cost for the provider. Therefore, the principal capital that is contributed to the Litigation Fund and on which the profits will be calculated, will be €24,437.5.
The UK banks have already paid more than €60bn for bad practices with their customers. Under the precedent of UK cases confirmed at the UK High Court, lawsuits are being settled by banks with a success rate of more than 90%, but the law firms handling them need funds to move forward with litigation. And this is an attractive proposition for investors looking for good returns.
