FSL dispute case to pay 14 million this year is expected to end

Caixin network has attracted the attention of all sectors of small and medium-sized shareholders v. FSL false statement civil claims more progress, following the June Guangdong High Court upheld the second instance, FSL shareholders sixty million compensation after yesterday (July 8th) the first instance verdict again. Public securities news and financial information network reporter was informed that the court awarded more than 200 investors FSL compensation of about $14 million.

Compensation amount plus 14 million

Yesterday (July 8th) morning, Guangdong director Ben Ben Liu Guohua law firm lawyers in the Guangzhou intermediate people's court trial got a FSL case made by the investors, the court compensation FSL more than 200 investors 13 million 923 thousand and 700 yuan, bear the case acceptance fee of 244 thousand yuan.

Data show that FSL in 2010 and 2011 there are a number of illegal information disclosure, which is up to 15 companies affiliated company chairman Zhong Xincai son and other relatives of direct or indirect control, but FSL has not disclosed in the annual report. In November 2012 the Commission to investigate, in March 6, 2013 the Commission issued the penalty decision of FSL, made an administrative penalty on the company information disclosure of illegal acts related parties of FSL, Zhong Xincai et al., causing widespread concern.

Subsequently, more than 2000 investors filed a civil lawsuit claims to FSL, the total amount is exceeded $three hundred million, becoming the largest number of participants in recent years, the largest shareholder of the right to sue the case.

In fact, the claims of small shareholders to FSL is not smooth sailing. In November last year, the Guangzhou intermediate people's court sentenced FSL to compensate more than 900 investors accumulated about $60 million loss. But in the first instance, FSL refused to accept the decision, appeal to the Guangdong high court. Until the beginning of June this year, the Guangdong court trial on the two FSL misrepresentation case verdict: dismissed the appeal and upheld the first batch of 955 investors, FSL to pay 60 million 410 thousand and 800 yuan.

This dispute is expected to end this year

According to the number of claims, the amount of claims, the social impact of the case of FSL China securities civil compensation third major cases. Zhejiang Yufeng Li Jian law firm lawyers said the case record of shareholders litigation rights and cash compensation for more than and 10 years, has milepost significance in the history of the development of securities Chinese.

Yesterday (July 8th), reporter access to recent court verdict: "the defendant FSL in this judgment takes legal effect from the date of the plaintiff to make compensation within fifteen days (13 million 923 thousand and 700 yuan); dismissed other claims of the plaintiff", "if the defendant fails to specify the period of this judgment shall be in accordance with the obligations of paying money. The provisions of the" PRC Civil Procedure Law "article 253rd, pay interest on the debt during the performance".

Because there are some cases before the first instance verdict and second instance verdict, for such a verdict, Liu Guohua said in anticipation.

In addition, the question of whether to appeal, Liu Guohua told reporters that the agency has been sentenced to compensate investors, but the proportion is different, will communicate with investors before making a decision. With the second trial, the verdict of the first trial have been introduced, Liu Guohua estimates the remaining cases is the largest in recent years The day is not too distant when, investors v. Securities Misrepresentation liability dispute is expected to end this year.

For more information about LED, please click on China LED network or pay attention to WeChat public account (cnledw2013).