Press Release

14 January 2009

INVESTMENT ADVISORS AND INTERMEDIARIES FACE SWATHE OF CLAIMS

Investors seeking to recover losses suffered as a result of the credit crunch are looking to bring claims against advisors who either promoted or advised on investing in failed or fraudulent schemes. Advisors and intermediaries are likely to face a huge swathe of claims as investors seek the return of their money lost.

Edwin Coe LLP (the only UK firm specialising in class actions) is instructed by investors in various funds including Kaupthing Singer Friedlander, Lansbankii and AIG to seek recovery of losses. The firm is also liaising with US lawyers for British investors over the losses suffered as a result of the Madoff scandal.

David Greene, partner, said "It seems clear that many advisors were either promoting schemes which were flawed or were failing to advise clients on the extent of the risks in many of these schemes. In KSF some advisors were selling bonds and deposits which were inherently unsafe due to the weakness of the Icelandic banking structure that became apparent over the last year. We have seen one instance in which an advisor wrongly assumed there were UK guarantees that made KSF a safe investment. Depositors with KSF have lost up to £1 bn."

Various private banks are accused of inappropriately advising hundreds of investors to buy into AIG's Premier Access Bond Enhanced Fund, which was said to be a low-risk instant-access deposit-style investment. It is estimated that about two-thirds of the fund, valued at around £2.8bn, was sold through UK private banking operations. AIG was forced to close the Fund in September 2008 after fears of its collapse caused a run on it. The evidence suggests that these were commission-driven sales and that the salespeople knew little about this product and were therefore not able to properly advise clients.

Investors in the Madoff funds will be looking to pursue claims initially in the US courts where proceedings have already commenced.

ENDS

For further information, please contact:

David Greene
t: +44 (0)20 7691 4000
e:

Edwin Coe was founded in 1913 and is ranked as a 'UK 200' law firm. It provides a full range of commercial legal services to a diverse range of clients both in the UK and overseas. Clients include public and private companies, multinationals, sovereign states, charities and unincorporated associations, and a significant number of private clients. The firm is recognised as a leading UK 'class action' litigation practice.

Edwin Coe LLP, 2 Stone Buildings, Lincoln's Inn, London WC2A 3TH Tel: 020 7691 4000 www.edwincoe.com