Law firm seeks EU ETS phishing victims for civil case
10 March, 2010
Law firm Hunton & Williams is pursuing a number of companies that bought EU allowances (EUAs) stolen during the recent ‘phishing’ scam, and is looking for other victims to join a civil case.
The law firm is acting for a German-based participant in the EU Emissions Trading Scheme, which holds one of at least six accounts from which 250,000 EUAs, worth more than €3 million ($4.1 million), were stolen in January.
John Deacon, a London-based partner at the firm, told Carbon Finance that the beneficiaries of the fraud – those that bought the allowances – are based in the UK, and “the perpetrator has connections to the UK and Dubai,” without elaborating.
“Our client is pursuing a civil action against the beneficiaries in the UK to get compensation and/or recover the EUAs,” Deacon said.
Those beneficiaries are protesting their innocence, claiming that they bought the stolen EUAs in good faith. However, Hunton & Williams’ lawyers believe they will be able to recover the value of the EUAs for the victims.
Deacon added that the client is a “multinational compliance participant”, but declined to name it.
“We are looking to find other victims ... from any jurisdiction to share information and coordinate efforts to recover EUAs or receive compensation,” he added.
Victims of the scam should e-mail Deacon at jdeacon@hunton.com
