LIMASSOL, Cyprus, Feb. 27, 2017 /PRNewswire/ -- Legal Floris LLC has announced that they are now assisting former customers of the Federal Bank of the Middle East (FBME). FBME has run aground after a long legal battle, and now, Legal Floris LLC is helping the institution's customers recover funds from blocked accounts.
FBME launched in 2003, and after various issues, the bank's Cyprus branch was placed under resolution by the Central Bank of Cyprus. Then, a resolution was issued for the main office in Tanzania by the Bank of Tanzania. Right now, many customers feel that they are in limbo as they await the next steps in recovering their funds.
There are three major cases going on at the moment regarding FBME: FBME vs Lew in the U.S.; the Arbitrage Tribunal via the ICC in France; and CBC vs FBME in Cyprus.
In the U.S., a verdict can exclude FBME from conducting business in the U.S., and this could leave the bank virtually unable to position itself in the current global financial marketplace. The ICC's Arbitrage Tribunal is an international dispute resolution court. The ICC's positive ruling for the bank will mark the assignment of a financial claim, but a ruling in favor of the Central Bank would mean that there is safe conduct for liquidation of the bank. In Cyprus, owners can receive damages or the liquidation of the bank starts.
The Deposit Guarantee Scheme protects deposits in Cyprus for up to 100,000 Euro. Legal Floris LLC is leveraging their vast knowledge and valuable resources to work with FBME customers who want to recover their deposits. At this time, the Legal Floris LLC team is representing more than 1.300 FBME bank customers with accounts in Cyprus and Tanzania.
Legal Floris LLC understands that many of the bank's customers simply were caught in a bad position, and the company remains wary of customers who were conducting malicious activity within the bank's operations. The group is adamant that they only offer representation to honest customers who wish to recover lost funds from FBME.
The Legal Floris LLC team is well-versed in FBME's long and winding trail of legal woes, and the firm remains dedicated to working one-on-one with customers who want to know the best way to recover their funds.
More information can be found at http://www.legalfloris.com/the-legal-battles-of-fbme-bank/.
About Legal Floris LLC
Legal Floris LLC specializes in representation for consumers and enterprises caught in the crosshairs of bank failures and investment fraud, including Ponzi and pyramid schemes, insider trading and losses, and more.
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SOURCE Legal Floris LLC