What will NETeller's customers do Monday, March 19th? At the very least, they need to be mentally prepared for the possible outcomes following this Friday's announcement from US Attorney Michael Garcia. He will be deciding whether or not to proceed with the case against NETeller's two founders, Stephen Lawrence and John Lefebvre.
1. CASE PROCEEDS
The case will probably drag out for months, maybe years. This outcome will likely trigger legal action from at least some of NETeller's customers.
2. CASE ABANDONED
When will NETeller re-certify accounts? What will withdrawal options be?
3. CASE DELAYED
This outcome may also trigger legal action. How long should we reasonably be expected to wait?
4. DOJ & NETELLER STRIKE A DEAL
Gulp... Hard to speculate what the terms might be.
5. NETELLER MAKES NO STATEMENT
Unacceptable. Period. But don't be surprised...
6. NETELLER CUSTOMERS FILE SUIT
Class-action? Or just a gaggle of plaintiffs? How is a lawyer selected? What is the jurisdiction? Isle of Man (as NETeller's terms specify)? Or location of primary litigant(s)? How will the lawyer be compensated? What happens if NETeller agrees to release funds regardless of lawyer's actions? Is he still compensated? How are court costs covered in the meantime?
7. OTHER?
Anyone interested in litigation against NETeller might find the "NETeller Customer Coalition" of interest:
NetellerCustomerCoalition : Neteller Lawsuit
It isn?t my group, but I joined just in case something develops from there. At the very least, it?s a rallying point.
There are currently over 125 members. There are 33 members with more than $2,000 locked up. In total, this membership has about $350,000 frozen at NETeller. Some are pretty angry, some legally unsophisticated, but there is nonetheless some interesting discussion going on over there. Wide range of opinions.
It takes about 90 seconds to join. Real easy.
1. CASE PROCEEDS
The case will probably drag out for months, maybe years. This outcome will likely trigger legal action from at least some of NETeller's customers.
2. CASE ABANDONED
When will NETeller re-certify accounts? What will withdrawal options be?
3. CASE DELAYED
This outcome may also trigger legal action. How long should we reasonably be expected to wait?
4. DOJ & NETELLER STRIKE A DEAL
Gulp... Hard to speculate what the terms might be.
5. NETELLER MAKES NO STATEMENT
Unacceptable. Period. But don't be surprised...
6. NETELLER CUSTOMERS FILE SUIT
Class-action? Or just a gaggle of plaintiffs? How is a lawyer selected? What is the jurisdiction? Isle of Man (as NETeller's terms specify)? Or location of primary litigant(s)? How will the lawyer be compensated? What happens if NETeller agrees to release funds regardless of lawyer's actions? Is he still compensated? How are court costs covered in the meantime?
7. OTHER?
Anyone interested in litigation against NETeller might find the "NETeller Customer Coalition" of interest:
NetellerCustomerCoalition : Neteller Lawsuit
It isn?t my group, but I joined just in case something develops from there. At the very least, it?s a rallying point.
There are currently over 125 members. There are 33 members with more than $2,000 locked up. In total, this membership has about $350,000 frozen at NETeller. Some are pretty angry, some legally unsophisticated, but there is nonetheless some interesting discussion going on over there. Wide range of opinions.
It takes about 90 seconds to join. Real easy.