'Trapped' City investors wage war on luxury holiday home company Hideaways Club in Gibraltar legal row
The Gibraltar-based group is facing a lawsuit from incensed investors who claim they have been trapped into paying tens of thousands of pounds in annual fees despite some being unable to stay in a Hideaways property of their choice for years.
One investor told The Mail on Sunday: 'This is the Hotel California. You can check out any time you like, but you can never leave.'
The Hideaway Club says in response there is a service which enables some members to leave – but shareholders respond that they would have to accept a hefty discount. The company is taking legal action through the Gibraltar courts against some members over fees.
But a group of about 70 self-described 'rebels' are filing a class action lawsuit in Gibraltar against the club, the first time such a motion has been attempted in the territory. They are being represented by two law firms there, Peter Caruana & Co and CruzLaw LLP. Investors have also approached the UK's financial watchdog, the Financial Conduct Authority (FCA), and asked it to investigate, claiming they have been 'fobbed off' by the Gibraltar Financial Services Commission.
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