Magnusson assisting Lenndy investors with collective efforts to recover their investments

Magnusson is advising a group of investors of the Latvian crowdfunding platform Lenndy in bringing claims against the platform. As a first step, investors have established LDY Claim Recovery MTÜ – an SPV enabling the investors to join forces and uphold their rights collectively.

“Cross-border asset recovery and combating international investment fraud is one of Magnusson’s focus areas. Throughout our considerable experience assisting crowdfunding investors in recovering funds lost in fraudulent investment schemes, collective efforts have proven to be the key to success; therefore, we are starting our co-operation with Lenndy investors by helping them to join forces in the newly established NPO LDY Claim Recovery”, partner and Co-Head of the Dispute Resolution Practice group of Magnusson Estonia Denis Piskunov comments.

Magnusson’s recent work includes legal representation of over 3000 local and international investors, across seven jurisdictions, in large class action bankruptcy and criminal proceedings. The case concerns the largest crowdfunding fraud in the Baltic States with the total claim for damages amounting to 18 million euros.

Magnusson is part of the world’s leading asset recovery legal network ICC FraudNet, granting direct access to the best cross-border know-how in asset recovery.