10 May 2019 | Firm news | Article by Neil Stockdale
We are investigating claims on behalf of customers of Lendy Ltd and are appealing to investors to come forward with a view to taking co-ordinated legal action on a collective basis.
Lendy Limited was incorporated in 2012 and operates an investment platform through which investors can make loans to invest in various schemes offering high returns. According to the firm’s latest filed accounts, it has loans under management totalling some £186m.
The firm is authorised and regulated by the FCA (Financial Conduct Authority). However, the FCA has now imposed an asset restriction on Lendy under section 55L of the Financial Services and Markets Act 2000. This provides that the company must not dispose of, deal with or diminish the value of its assets or release any client money without the written consent of the FCA.
We have heard from many customers of Lendy who have raised various concerns about their agreements including what they believe to be Lendy’s failure to comply with its contractual obligations to take enforcement action in relation to borrowers in default of their repayment obligations.
Our experts have carried out initial investigations over the last few months which lead us to believe that there are good grounds to seek compensation in respect of certain loans. Some investors have already received compensation as a result of individual legal action they have taken.
We are therefore appealing to investors to come forward with a view to taking co-ordinated legal action on a collective basis for investors. We believe this is the best way to ensure investors’ interests are protected.
If you are a Lendy investor please contact us for further information.
Our team of expert solicitors will be able to advise you on whether you may be entitled to claim. All initial work is free of charge. If we believe your case has merit we can offer you the option of proceeding on a ‘no win no fee basis’
Contact us today for a free no obligation initial consultation.