Legal Floris LLC limits its services to fund recovery in bank failures and investment fraud. This specialization allows us to further develop proven multi-step recovery models, tailored towards the specific needs of our clients.
Our aim is to assist bank depositors and investors to get their deposit or investment returned in an orderly manner. Often, bank failures and defaulting investment programs are triggered by liquidity shortfalls and while financial institutions might claim to have sufficient loss absorption capital, this does not necessarily mean that this liquidity is available to refund customers. It is almost inevitable that an open resolution triggers a run on the bank or investment program which might enable those with fraudulent intent to reclaim deposits that they might not be approved for.
Unsecured assets and loan portfolios potentially default after a resolution. This means that liquidity is reduced due to the potential write-off of asset portfolios, such as bundled non-performing loans. This is just one of the possible consequences of a resolution we deal with. Legal Floris LLC understands the parameters of the national insolvency laws, European directives, and international law, and uses a holistic approach to develop creative solutions to ensure maximum recovery for our clients.
Within our main areas of expertise, Legal Floris LLC offers the following services:
- Fund recovery services
- Fraud investigation and asset tracing
- Class action lawsuits
- Short selling
- Bank recovery services:
Financial institutions with a focus on non-resident depositors and corporate offshore clients expose themselves to substantial money laundering risks. Regulatory fines do not always justify the magnitude of a scandal. During recent years, several financial institutions were forced into liquidation. Legal Floris LLC assists legitimate clients of these institutions to recover their funds. Over the years, our client portfolio includes over 2.000 customers, hurt by bank failures in Cyprus, Tanzania, Latvia, Estonia, The Netherlands, Belgium, Luxembourg, and Bermuda. The total of our customers’ claims in recent bank failures exceeds 500 Million Euro. In addition, our clients invested over 200 Million Euro in obscure investment programs, before appointing Legal Floris LLC as their advisor with the mutual aim to recover their participation.
- Bank account limitations and obstructions:
The risks of non-resident deposits in financial institutions have been downplayed for years by banks. Regulators force domestic financial institutions to improve their risk management and limit exposure to illicit, opaque and suspicious transactions, and to unknown beneficial owners. As a result, international banking customers are scrutinized on the basis of customer profiles and transactions and sometimes see their bank account terminated. Cancellation of a corporate bank account is a precarious process potentially leading to investigations, fines, and penalties in the home country of the beneficiary. Legal Floris LLC assists corporate clients to legitimately recover the funds from the terminated bank account and ensures that challenges with local and international tax authorities are avoided while addressing the CRS/FATCA information exchange protocols.
- Leveraged Buy-Out as debt recovery solution:
For one of our customers, the last resort to receive payments of outstanding invoices was to offer an un-willing contract partner a Leveraged Buy-Out of the shares of the company. This resulted in a higher return for the client than initially expected. This model was further perfected and is now the foundation for future ADR and settlement procedures.
- DSB Bank, bank failure, and bankruptcy:
Tampering with high premiums on term life insurance, overpriced mortgages and deferred annuities, and after the bank run initiated by Pieter Lakeman, DSB bank failed and filed for bankruptcy in 2009. Since then we have been able to recover a substantial part of most of the depositor’s assets. As often in bank failures, funds become available only in tranches. We stand by our clients until the final conclusion, to assist them to achieve a full recovery and total compensation.
- Interest swap claims:
Corporate customers of Rabobank, ING and ABN AMRO were offered an exotic insurance product to protect themselves against the risk of increasing interest rates. With fluctuating periodic premiums to cover the risks, these banks were negligent in their information towards customers who purchased these interest swaps. With the support and attention of LIBOR rumblings, Legal Floris LLC and its clients are pursuing these banks with a strong case.
- Offset as a fund recovery mechanism:
Efforts to maximize customer payout in bank failures and investment fraud include alternative dispute resolution and other out-of-court settlements. After approval of the involved central banks, and liquidators and when required the court, we offset assets belonging to the debtor and assign these to our clients.