Out of concern for those who I have referred to Wayne Beaudoin and Ted Penny, I checked in with them to get their current thoughts about the litigation. I can provide you with a brief and general summary, since they cannot communicate with me about individual cases.
Those of you who participated in the pre-litigation meeting on the evening of March 25th know that the attorneys want to act in the most expeditious, least expensive and most effective means possible. They briefly discussed the various approaches that they were considering. They have reached a conclusion now that they will be filing a class action against the three principal culprits who had access to the victims funds: Tonya Collins, SurroGenesis (in all its forms), Michael Charles Independent Financial Company and all the owners of each of these entities.
The attorneys tell me that those of you whose funds were lost solely as the result of the action of these entities will need not undertake any action and you will be part of the class. A class representative or two will be selected by the attorneys. You will all be updated as the matters progress, but you will not need to retain counsel. At any point in time, if you disagree with the actions being taken, you will be able to opt out of the class and proceed independently.
Some of you believe that you were misled or suffered at the hands of other professionals, leading to you entrusting your money with Michael Charles Financial. The attorneys are still considering a separate action on your behalf either through the California Superior Court or arbitration, depending on individual contract terms. The attorneys have or will be discussing your options directly with you as I have no information about your individual cases.