ABDUL MUHAMMED LAW PRACTICE

 Investments & Securties Tribunal

How much would it cost you to join a class action before the Investments and Securities Tribunal in Nigeria?

Legal Fees: To join the class action, you might need to pay 200,000 Naira upfront, along with an agreement for a contingency fee. This contingency fee means that if the case is successful, a portion of the recovered amount will go to your legal team.

Named Claimant Fee: If you’re the named claimant initiating the case, you’ll be required to pay 1,000,000 Naira to kick-start the proceedings. However, there’s a refund provision: once the class reaches 10 members, you’ll receive 800,000 Naira back.

I am Abdulateef Muhammed and as the lead lawyer at Abdul Muhammed Law Practice, I’m here to shed some light on the costs involved in bringing a class action before the Investments and Securities Tribunal.

Class actions can be a powerful tool for investors seeking redress for losses incurred due to securities fraud, market manipulation, or other violations. However, understanding the financial implications of participating in a class action is crucial before deciding to join.

Here’s a breakdown of the costs you might encounter:

Legal Fees: One of the primary costs associated with joining a class action is legal fees. These fees typically cover the services provided by the legal team representing the class members. At Abdul Muhammed Law Practice, we operate on a contingency fee basis for class actions, meaning our fees are contingent upon the successful outcome of the case. This arrangement enables investors to pursue their claims without upfront payment, making legal representation more accessible.

Court Filing Fees: When initiating a class action before the IST, there are filing fees associated with submitting the necessary documents and paperwork to the tribunal. These fees vary depending on the nature and complexity of the case, but they are a necessary expense to commence legal proceedings. There is an opt-in class payment of 200,000 payables by every class member and this payment is needed to cover all incidentals. Including expert witnesses and other administrative costs.

Expert Witness Fees: In some cases, expert witnesses may be called upon to provide testimony or analysis to support the claims of the class members. The fees for expert witnesses can vary widely depending on their qualifications and the extent of their involvement in the case.

Administrative Costs: Throughout the course of the class action, various administrative expenses may arise, such as communication costs, document production, and travel expenses. These costs are typically covered by the legal team but may be recouped as part of any settlement or judgment awarded to the class.

It’s important to note that while joining a class action involves certain costs, these expenses are generally outweighed by the potential recovery achieved through a successful outcome. By pooling resources and sharing the financial burden among class members, individuals can pursue claims that might otherwise be unfeasible to litigate individually.

PS: Understanding these costs upfront can help you make an informed decision about participating in a class action before the IST. If you have any questions or need assistance, feel free to reach out.

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