The Legal partnership of lawyers and crisis managers MILTON LEGAL is currently actively preparing a class action lawsuit for investors who suffered from the actions of the Moscow Exchange on oil futures trading held on April 21.
MILTON LEGAL claims that negative oil prices and the complete technical unwillingness of the Russian trading platform to work with such prices caused multimillion-dollar losses to exchange participants.
According to MILTON LEGAL consultants, a class action lawsuit is a simpler and cheaper way to protect the rights of citizens, because each of the plaintiffs does not need to look for a lawyer and pay a state fee for considering the claim.
In Russia, the practice of class action is quite young. The relevant changes, which allow a group of individuals to jointly defend their interests, entered into force only in October 2019. Prior to the amendments, only business representatives could do this, now class actions are available to all citizens. Judicial practice on this issue is very rare. However, it is already safe to say that the use of class action lawsuits will have a much greater chance of success than the use of individual applications.
