Update on MicroCap Toxic Debt Class Action Lawsuit
In September, two New York law firms, The Basile Law Firm P.C. and Phillipson & Uretsky, LLP announced that they have opened an investigation into a potential class action lawsuit against New York based lenders of short-term loans to microcap companies trading on the OTC Market.
We checked in with Mark Basile, Esq. (of The Basile Law Firm P.C.) for an update and he says that more than 31 OTC companies have signed up to contribute information to the investigation into the class action as well as being potential class members.
Basile says; “The response has been incredibly enthusiastic as well as learning about many “new” issues that toxic loans have created for these companies.”
A decision as to which court, and which companies may qualify as class participants is expected by late January.
If a company is interested in participating as a class member, visit: https://otcworkouts.com/class-action-investigation-information/ to sign up and learn more.