Group Litigation Proposal for UTM investors

A summary of what we propose:

• UTM implicated multiple jurisdictions and recovery will also require action in these

• A large part of UTM activities occurred in Bulgaria. Funds were channelled through the UAE and central Europe. St Vincent, the Seychelles and the UK were homes for corporate vehicles

• We propose:

  • commencing proceedings against the companies and individuals behind UTM;
  • against any facilitators / contributors;
  • securing funds and information from third parties and sourcing information and
  • procuring action from the public authorities, among others

• Lawyers specialising in the relevant jurisdictions and with different legal specialties will be engaged

• NBLO’s lawyers will carry out legal work relating to Bulgaria and certain English speaking jurisdictions and project-manage lawyers and other professionals from all locales

• We have worked hard to prepare the ground, so that actions can be taken swiftly once a litigation fund is in place

• We invite investors who wish to be represented to each contribute:

  • $1,200 to a representation fund; and
  • agree to a further 15% of the proceeds on success
  • we suggest modified arrangements for investors who paid in ≤ $10,000 to UTM; who have already retained us or in exceptional circumstances only, pro bono)

• We aim to have funding in place by 7th November 2016 with the first legal proceedings commencing by 14th November 2016

• We request you to distribute this letter to others who you know are affected — cost sharing and a wider involvement will help

• The gross share of recovered funds each UTM investor who joins us will be entitled to is equal to their share in the total claims we represent

At all times, please feel free to contact us via email at or by phone at +359 2 950 6239 with any questions.

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