And if you lose case you lose that + other's legal fee's it sounded like. And a security bond. So if you lose.... wow world of hurt.
And since the lawyers choose to get paid up front in retainer and not out of winnings, they win no matter what.
"So if you lose.... wow world of hurt"
Wow very dramatic sentence! But ofc it's true that if we loose the case WE in the group action will need to pay some "fees" and trial costs.
But that amount isn't compared with a "world of hurt".
I have some mail conversation with Joakim Strignert. I asked him specifically about this question. What he estimate and if we count high (everything goes wrong)/your world of hurt is:
We win in the district court. KnC appeal to the next instance, and they wins. In that case we need to pay all of it.
If we count that 50 people joins the group action and the cost are $50K. Each of us will need to pay $1000 in trial cost.
Ofc everyone that consider to join the group action needs to take this in his or hers equation.
A bad scenario will be something like this: Retainer $1000 + trial cost $1000 = $2000
$2000 to win $12000 = 1/6. And as I said before. I don't think that we win this case 1 of 6 times. If it isn't 6/6 I think it is at least 5/6.
For me it's good odds even when we count high!
But I can feel bad for those that however they do they can't take a risk. Even if we got the odds on our side, and even very good odds.
I'm not trying to be dramatic. But i consider that a significant loss if the group owes this much if they lose. Also you might talk to "Joakim Strignert" again.... if I read the site right you also are going to be paying "a security bond" if you lose. Again I could be wrong but I think you are forgetting to add this as a fee.
And lawyer time is expensive I don't think there is anything that would limit KNC to the 50k. That is a guess in my opinion. But assuming they hire a firm get a few lawyers in the room and you will literally burn through money. Assuming if they lose they pay 50 people 12k that would be 600k approx they would owe. So I think they will fight hard and use as much legal team as needed. And if they do lose bankruptcy is a real option.
But again I could be wrong. The only decent case I dealt with lawyer did it based on settlement no retainer as he believed in case. So I will admit I might be spoiled or jaded from using a lawyer who did based on results, and not doing it on a retainer.
I guess am a realist and not looking at best case scenario. I do wish you luck and hope you guys win.