Claims settled FSL appeal dismissed

Information Times news, waiting for more than half a year, some investors to FSL claims finally succeeded. Reporters learned from the rights of lawyers and FSL department, yesterday is the day of the second instance of the FSL Securities Misrepresentation liability dispute, the Guangdong High Court has rejected the appeal of FSL, upheld the original verdict.

The company appealed against the judgment of first instance

March 6, 2013, FSL, due to the disclosure of related party transactions and other administrative penalties Guangdong securities regulatory bureau, causing widespread concern in the community, but also attracted a wide range of claims tide. At least 2000 or more investors filed a civil action, requiring the company to compensate, the amount of claims exceeded 300 million, which has become the largest shareholder rights in recent years.

November 14, 2014, the Guangzhou intermediate people's Court of first instance verdict on the case of FSL, the company requires more than 900 people involved in the number of investors to compensate for a total of $59 million 310 thousand compensation.

Subsequently, FSL has been sentenced to appeal to the Guangdong high court, 14 investors also filed an appeal.

Reporters yesterday from one of the rights lawyer Liu Guohua lawyer learned that the Guangdong high court dismissed the appeal of FSL and 14 investors, upheld the original verdict. Reporters then call FSL secretaries office, the other staff responded that the company's appeal was dismissed.

Last night, FSL issued a notice that the company received the Guangdong high court served civil judgment, the verdict is as follows: dismissed the appeal and upheld the original verdict. Second instance case appeal fee of 1 million 28 thousand yuan, the burden of the listed company. This judgment is final.

FSL said in the announcement, the amount of compensation for the above cases involved and the burden of the first instance case acceptance fee, the company has been in full year 2014 estimated liabilities.

There are other investors to follow claims

It is reported that, in addition to more than 900 cases, the remaining cases have not yet been sentenced. Liu Guohua said that in April 20th, the Guangzhou intermediate people's court has arranged more than 1000 cases of trial, the remainder will be heard in June 24th, with two high court verdict issued a trial of the remaining cases is estimated in recent years The day is not too distant when the biggest investors, litigation Securities Misrepresentation liability dispute is expected to end this year.

Liu Guohua said that the case of FSL in recent years has become a symbol of investor rights case, for other similar cases have a greater role in drawing, greatly inspired the confidence of small investors rights.

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