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Ex-Sesame members set for action on NDF

Sesame could be liable for claims against former mem-bers who allegedly missold NDF structured products, acc-ording to specialist law firm Financial Services Legal.

The firm says it has had counsel’s opinion on a group of 70 members and ex-members who have expressed an inter-est in taking forward a case against Sesame to exonerate themselves from misselling claims on the basis that the products were on the network’s recommended list. Counsel opinion confirms that there are “a number of areas and scenarios where members and former members can resist claims for an indemnity from the network and in some cases potentially avoid any liability whatsoever”.

Financial Services Legal chairman Mark Beesley says: “It is clear that many members and former members of the net-work feel that they have been put in a position where substantial claims, in some cases, are being brought against them, where they feel they have done nothing wrong or have at all stages complied with all contractual and other obligations upon them.

“While circumstances will vary from case to case, it is in those situations where the member or former member of Sesame can perhaps look more confidently at their position now.”

Sesame spokesman Jared Aitken says: “As this relates to possible legal proceedings, it would not be appropriate to comment.”

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