Lyoness recovery class-action in Norway hits potential roadblock
Norway evidently doesn’t have a regulatory body capable recovering consumer losses from Lyoness.
That has left Lyoness’ Norwegian victims facing the prospect of suing the company as civil plaintiffs.
Enter the law firm Brækhus and their proposed victim class-action.
Brækhus has currently assembled thirty Norwegian Lyoness victims for their lawsuit. Together these former affiliate investors have lost millions of kroner.
Official estimated Norwegian Lyoness victim losses are upwards of “several hundred million kroner”.
As reported by E24;
Audun Kleppestø in the law firm Brækhus wants to bring in far more, hopefully 400-500.
Brækhus had wanted to pursue legal action under a single proposed class-action lawsuit against Lyoness.
Unfortunately the Oslo District Court rejected the law firm’s proposal. The stated reason for the proposal was differing circumstances among participating victims.
Brækhus has yet to make a move going forward.
In related news, despite banning Lyoness in 2019, Norway’s Lottery Authority continues to butt heads with the company.
In February this year, one of Lyconet’s Elden lawyers wrote a letter to the Norwegian Lotteries Authority stating that they would start up again in Norway.
Imagine being banned nationwide, and then just emailing a regulator to let them know you were re-entering the country.
In their letter Lyoness lawyers tried the old “we’re direct marketing, we can’t be a pyramid scheme!”
Thankfully the Lottery Authority didn’t buy it.
“Most of the income from the business in Norway still comes from recruiting participants, and the prerequisites for continuing or starting a legal business in Norway are not present,” was the answer.
The Lottery Authority also requested Lyoness to stop misrepresenting the Oslo Police investigation.
In November 2019 the Lottery Authority reported Lyoness to Oslo Police on suspicion of criminal offenses.
Citing a lack of resources, seven months later Oslo Police announced they wouldn’t be pursuing a case.
Apparently Lyoness has been promoting this decision as confirmation Lyoness is legal in Norway – which of course is false.
Also false is a claim by Lyoness’ European law firm Elden, who told E24;
We would like to point out that Lyoness, myWorld and Lyconet are completely independent companies that operate under different business models.
Lyoness is owned and operated by Hubert Freidl. On paper there’s a ton of shell companies attached to Lyoness, but ultimate ownership and operation still falls on Friedl.
When asked for information on Lyoness’ current operations in Norway despite being banned, Elden ignored the question.
I’ll keep an eye out for Brækhus class-action updates.
‘eCREDITS’ WARNING ⛔️
Financial Market Authority (FMA) Liechtenstein officially warns against “eCredits”!
24. June 2021.
READ MORE: facebook.com/groups/988475868329858/permalink/1142002349643875/
Thanks for the heads up!