I have just received a rejection letter from the bank that sold the minibond to me. I am devastated. What can I do now? Shall I go to FIDREC? What about the class action?
Over the past five months, many investors have recieved a rejection letter or a low offer that they cannot accept. The best course of action is through FIDREC. I have updated this guide on how to use FIDREC. I have found a lawyer who is willing to provide legal assistance to help the investor in the FIDREC process for a flat fee of $500.
Various groups of investors have approached several lawyers to organise a class action. I understand that most of these efforts have stalled. The class actions required at least 500 participants to contribute $2,000 or more. They were not able to get an sufficient number of participants.