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Kingsborough Insurance Update
As questions have been asked regarding Kingsborough Insurance refunds, Peverel Action would like tp provide a brief update.
As we have said the original idea was to mount a class action to force peverel to pay refunds from the Kingsborough excessive commissions.
On legal advice we were warned not to go ahead wit this.
We were very disappointed, but it was pointed out to us, that Peverel would assemble a formidable legal team to defend themselves, and one technical error on our side would not only have meant we lost, but could have seriously impaired the ability of other developments to pusue action.
We were also advised that separate development action was the better option. When this was communicated the reaction ranged from "You tried your best" to "You are bigger crooks than Peverel"
We understand the frustration, but we could not take such a risk.
Several developments who pursued Peverel have had refunds agreed(though not in cash paid into service charge accounts) but in the form of credits or a reduction in costs for services provided.
This was of course subject to a confidentiality agreement. If developments break it, they don't get their money back.
Though Peverel Action is opposed to these agreements as a matter of principal, if that is the choice of the development, it is their right to acept it, if it means getting their money back.
In every case where court action has been initiated, Peverel have done a deal.
For the sake of those residents and to protect their absolute confidentiality, Peverel Action cannot name those developments.
Information was passed to us on a confidential basis, and we have to respect that.