It has been described by various sections of the press as the most professional heist of the century, and has been attributed to the infamous ‘Pink Panther Gang’.
Reports have assessed the losses to within a range of between £60 million and £200 million, though the more recent and reliable reports state that just 72 of 999 boxes were broken into. Many of the losers/victims had deposited their business stock in those boxes.
What remedies are available to the victims?
Contractual
Scrutinise the contract between yourself and the safety deposit company carefully. Don’t imagine that their insurers are going to be ready to pay out quickly; prepare yourself for a long and difficult battle.
First examine the exclusion clauses. Are your items likely to be covered? Are there any maximum value limits? Are particular items excluded from cover?
Negligence
It could also be argued that the safety deposit company owed the box holders a duty of care to ensure that the items were protected. Was that duty of care breached? Did the company fail to maintain the expected standard of care? Media reports that the Police believe that there may have been an ‘inside man’ involved in this robbery could give rise to a negligence action.
Bailment
Those that hold the safety deposit boxes will be regarded as the bailors and the Company is the bailee. In these circumstances, the Company would be liable for any loss, damage, or destruction of the items held, unless the Company could prove that the loss was not caused by any breach of duty that they owe the bailors.
How we can help
In 2008, we represented a large number of individuals whose safety deposit boxes were raided by the Metropolitan Police in a high profile operation known as Rize. Many of those holders lost items or had items damaged because of police action.
We dealt with the Met’s lawyers and insurance companies concerning those losses and damages. We also successfully advised and represented clients who found themselves subject to HMRC (tax) investigations and money laundering (POCA) investigations that followed the original police operation.
As a result we know exactly what you will need to prove (in terms of documentation and valuations), and which arguments to raise in order to be fully compensated for your loss.
Contact Lewis Nedas expert lawyers
If you require any assistance in this regard, please contact our specialists Jeffrey Lewis by calling us on 020 7387 2032 or completing our online enquiry form here.
