Saturday, 7th November 2009

 

2 July 2009 - Tara Loader Wilkinson

AIG fund victims get financing for fight

The AIG Investor Action Group, the lobby group set up to represent those who lost money in the enhanced money market fund, have received financing to continue their fight for compensation from the private banks which advised them to invest in the fund.

According to an update on the group's website yesterday, www.aigvictims.org, the directors have received payment for their original fighting fund from accountants Brown & Batts, which will cover the majority of the legal costs.

A fund manager and blogger called "Hobie" wrote in a post yesterday: "We have a new committee with legal, financial and Financial Servcies Authority expertise. The committee's objective is to use the collective weight of group pressure to support the complaints of the individuals, to source legal opinion on the actions of the advisers and AIG, and to provide support and relevant information for investors caught up in the Enhanced Fund."

He said: "We will draft and publish a projected budget for 12 months and seek subscriptions to cover that cost. This will cover QC's opinions, administrator & communications costs."

The group said it wants the banks to refund money to investors in the AIG products.

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