Please review prior to contacting the representative plaintiffs or class counsel:
Last Update: 8 May 2025
You may opt out, initiate your own action or seek independent legal advice on other options
Seek independent legal counsel to determine your options, you will not be included in this action as the Net Winners are involved in recovery action by the receiver.
You will be given ample opportunity to provide substantiation in due course
At this time, it is not possible to provide a reasonable estimate of the potential outcome. Civil actions against large banking institutions and regulatory bodies are inherently complex and subject to numerous variables that can significantly influence the result.
From a financial planning perspective, it is crucial that you do not rely on the outcome of this case when making decisions about your life and future. While we believe we have a strong and well-supported case to present to the court, it is important to recognize that the final outcome may fall well short of our actual losses — if any compensation is awarded at all.
The named defendants were deliberately selected based on a range of legal, procedural, and efficiency considerations, with careful evaluation of the advantages and disadvantages associated with each. Although many entities are involved, those named were chosen with particular care. This selection does not prevent others from pursuing action against additional banks, entities, or parties as appropriate.
If the class action is successful in recovering the total amount —either through a court award or settlement—will be distributed among eligible class members according to a court-approved distribution plan.
In the MMAC case, the Distribution plan will be based on each participant’s net loss, which is the amount they invested minus any amounts they received back. This follows the approach used in major Ponzi litigation, such as the Madoff case. People who received more than they invested ("Net Winners") are excluded or may be subject to clawback proceedings. The focus on this action is on compensating those who suffered actual net financial losses.
If the recovery is less than the total losses, which is common in Ponzi cases, a “pro-rata”, or proportional distribution model is used. This means that each eligible class member receives a proportionate share of the recovery based on the size of their net loss compared to the total net losses of all class members.
For example:
Your net loss = $100,000
Total net losses of the Class: $200 million
Total recovery: $100 million (i.e., 50% of total losses)
You would receive: $50,000 (i.e., 50% of your loss)
This approach ensures fairness by compensating all participants in proportion to their actual losses, regardless of when they invested or how much.