Jurisdiction(s):
United Kingdom

Commercial Court (England and Wales) continues worldwide freezing order in OneCoin investor group action; early disclosure application refused

Published on: 09 August 2024

Published by a Law360 reporter

Legal News

Article summary

High Court Judge David Foxton continued a worldwide freezing order against people alleged to have helped the perpetrators of the OneCoin fraud on investors, estimated to number in the millions, in one of the first hearings in the group action

At an initial group action hearing, the worldwide freezing order was kept in place. No defendants have yet lodged a defence, as proceedings remain at an early stage, though responses are expected in due course. For the claimants, Anthony Peto KC of Blackstone Chambers pressed Judge Foxton to compel further disclosure from the defendants, contending that, given the ‘extraordinary’ context of the OneCoin scheme—possibly among the largest frauds ever committed—it ought to be allowed. He said: ‘It is extraordinary. If this is not extraordinary, what is?’ and emphasised ‘the excess of it, the amount of it, the number of victims’ as extraordinary. However, Judge Foxton declined the bid, ruling it was too sweeping for this preliminary phase of the claim...

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