Full compensation for defrauded UK holiday home buyers
According to the England and Wales High Court’s ruling in the AIG Europe case, those that bought holiday homes abroad and lost their investments through commercial failure and fraud will most likely be able to recover their entire losses.
As it seems, a number of cases have been brought about by disgrutled insurers. Investments in foreign properties were made from a number of thousand British residents; investments that turned out to be worthless since either the developers went bankrupt or were fraudulently marketed. However a lot of attempts were made by the victims against the Lawyers who handled the purchases for them. As it seems, the Lawyers were not protecting their clients, however the developers mismanaged the financial protection mechanisms.
Nonetheless, a number of aggrieved investors have pursued litigation against the insurers, claiming full compensation. The England and Wales High Court has ruled in the investors favour, rejecting the insurers’ argument as invalid even though the clauses in its policy schedule were commonly used throughout the insurance industry.
As Mr. Justice Teare stated, not all the claims could amount to one claim ultimately, since they are related to several different development projects in different countries, even if all failed for similar reasons.
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