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+  Forum Itra
|-+  General Category
| |-+  RCI Class Action
| | |-+  CASE REVIEW UPDATE
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Author Topic: CASE REVIEW UPDATE  (Read 3296 times)
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Date Registered: September 28, 2010, 11:53:26 am
Posts: 62


« on: May 15, 2012, 11:56:56 am »

ITRA was formed in August, 2002 and during the past 5 years it has been at the forefront of funding and assessing potential claims from members of the public against players within the timeshare industry in respect of mis-selling, excessive maintenance fee charges, failed exchange promises and many other abuses.

In the United States, following a class Action settlement RCI Llc, the U.S. arm of the Worlds largest timeshare exchange company admitted that they had abused their trust and made compensation to its members, which we estimate totalled approximately $50 million (U.S . Dollars).

After extensive investigations the first action we are pursuing is against RCI Europe who are a wholly owned subsidiary of a publicly quoted U.S.Corporation with assets of 6.5 Billion US dollars.They have admitted to our lawyers that they have committed the same malpractice in Europe. With the help of litigation funders. solicitors and barristers, ITRA is almost at the point of instigating remedial action , initially though the UK Courts. The RCI Action Group has been constituted and the selection of an action committee is currently being processed by our lawyers. We have Counselís written Opinion that claims could be between £2,000 and £20,000 depending on the number of weeks owned and the gravity of each case. We currently have in excess of 12,000 potential claimants who have signed declarations.

There are many of thousands of timeshare owners that we have on file who are interested in specific claims against certain Resorts, sales and marketing companies Claims are being made in respect of misselling, management fee disputes and breach of trust.
As far as claimants are concerned, they will not be liable to any legal fees but instead will receive 60% of any compensation monies refunded thereto. The balance of 40% to be retained by the funders.for their financial risk Our procedure is to present sample cases to the court so that the said court can agree that the matter should be treated on a Group Litigation basis and once this has been established, ITRA will have the footprint to instigate similar actions in other countries.

As far as other territories are concerned, ITRA is currently pre-qualifying potential claimants from Singapore, South Africa and Malaysia and in due course other countries worldwide. ITRA is presently at the forefront of instigating legal action through the Indonesian courts against a major international timeshare complex known as Royal Resorts & associated companies. In the Asia Pacific region,
we have appointed a leading firm of Private investigators to procure evidence on behalf of potential claimants and have appointed AFTAG (The Asian Fair Trading Advisory Group) as our local agents to promote local public awareness campaigns in respect of our proposed actions.

For further information on all these issues please study our website, www.itra.net which carries full disclosure.

ITRA Public Relations Department
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