Class actions are often thought of as a method to address ongoing or recent grievances against a corporate or public entity, but they also have the potential to provide legal redress against historical wrongdoing. This has been most recently illustrated by the NT Stolen Generations class action in Australia, which secured a $50 million settlement for family members and deceased estates of those Aboriginal children who were forcibly removed from their families by the government.
Legal Finance SE Announces Plans to Fund Hundreds of Lawsuits Against Illegal Online Casinos
The Frankfurt-based litigation financier Legal Finance SE, a subsidiary of listed company Nakiki SE (ISIN DE000WNDL300), is taking massive action against online casinos: According to current German legislation, most online casinos have been illegal since 2021 and must compensate players for all losses incurred in recent years. This means that injured parties can use Legal Finance to recover all the money they have lost through legal action.
Many players have lost hundreds of thousands of Euros playing online poker or sports betting in recent years. This is where Legal Finance comes in. Legal Finance funds lawsuits against casino operators in German courts and takes care of the entire legal process together with specialised consumer protection law firms.
The chances of success are high: German courts have already ordered several online casinos to pay refunds. In March of this year, the Federal Court of Justice (BGH) agreed with Legal Finance's legal opinion that most online casinos are illegal and that gambling losses must be reimbursed to victims.
Legal Finance has a 40% success rate in each case. The average amount in dispute is between €30,000 and €50,000. Legal Finance initially plans to fund up to 100 cases per month and intends to increase this volume significantly.
Legal Finance acquires cases by working with law firms, and claimants can also contact Legal Finance directly via dedicated websites.