SOMI Newsletter - April 17th, 2024

Newsletter SOMI - April 17th, 2024

This is the newsletter for April 2024 from the Foundation for Market Information Research to its relations, including the participants in its actions, its sympathizers, media professionals and app users.

SOMI has launched an appeal in the ongoing claim against TikTok

On April 10th, 2024, SOMI filed an appeal with the Amsterdam District Court against the judgment of January 10th on the amount of damages and the appointment of the Exclusive Representative in the collective claim against TikTok.

SOMI has the support of the largest amount of participants of the three foundations that initiated the proceedings, as also established by the court. Therefore, SOMI's participants also represent the greatest financial interest. In addition, SOMI, as the only representative foundation, also has a large following of TikTok users in other countries within the EU.

Furthermore, SOMI is the representative that first initiated these proceedings, and SOMI is the only one of the three foundations to carry out other relevant activities than instituting collective claims in the field of data protection for the group of victims that it represents.

Additionally, SOMI only requires 2% of participants' compensation to fund our future advocacy. SOMI does not have to pay large amounts to external financiers; we can pass on such benefits directly to our investors in our litigation certificates and to the victims we represent.

With this appeal, SOMI has also expanded the group of defendants from two to six TikTok entities. In addition, we have expanded the group of victims who would be represented as a class by SOMI in this action to all TikTok users in the Netherlands from May 25th, 2018.

If you are a TikTok user and reside in the Netherlands, and have not yet registered as a TikTok victim, you can still do so. You can also do this if you are registered with one of the other foundations. The Court will ultimately determine which foundation best serves your interests. Registration is free and does not obligate you to anything. Use this link to register: tiktokclaim.org.

Profit rights for investors in SOMI's collective actions

SOMI does not only conduct collective proceedings against TikTok. On December 3th, 2023, SOMI also initiated collective proceedings against Meta, the parent company of Facebook, Instagram and WhatsApp.

TikTok and Meta have not only violated people's privacy rights in the Netherlands. There are also millions of victims in other countries within the EU. In recent years, both companies in the US and the EU have paid hundreds of millions in settlements and fines outside the Netherlands for this reason. Within Europe, in addition to more than 80.000 participants in the Netherlands, SOMI has represented more than 70.000 TikTok users abroad for more than two years.

SOMI also wants to help these people by taking action against privacy violations and seeking compensation for their damages. To finance legal cases and represent victims throughout Europe, SOMI will issue profit rights in legal proceedings.

SOMI offers two types of profit certificates to consumers and investors who are interested in finance social causes and class action lawsuits. These certificates are paid out in the event of a favorable result. You may lose your investment. Risks include the likelihood of litigation, the duration of the procedure and competition from other claim foundations. Before investing, read the legally prescribed information document that you can request via our site.

The first is SOMI Process Certificates, which can be invested in from €50. In the event of a positive outcome of collective claims initiated by SOMI and depending on the content of the final ruling(s) or approval of settlement(s), SOMI will pay up to 5 pay out the deposit of each amount invested in Process Certificates.

SOMI also offers SOMI Garantie Process Certificates. Investments can be made in this with an initial registration of at least € 100,000. The payout is 6 times the amount invested in the Guarantee Process Certificates in the event of a favorable outcome of the ongoing procedures, as laid down in the terms and conditions of this product.

Both certificates have a term of 10 years. If a proceeding does not lead to results, your investment will be transferred to the next proceedings. If there is no positive result after 10 years, your investment in Process Certificates will expire without payment. You will then receive your original investment back with the Guarantee Process Certificates.

Do you have any questions or would you like more information? Do not hesitate to contact us by sending an email to welcome@somi.nl or calling us at +31 85 303 2686.

Invest now

Garantie Process Certificates Serie 2024

Process Certificates Serie 2024

Type of securities: Profit rights

Minimum deposit: € 100.000

Payout: 600% (cure) 100% (no-cure)

Total amount: Unlimited

Registration period: From February 29th, 2024

Duration: Fixed for the first year, then tradable per calendar quarter ending after the first year

Denomination: € 0,01 per profit right

Interim tradable: Yes, after written approval from SOMI in compliance with applicable legislation.

Transferable free of charge: Transfer is free of charge. Up to 3% mediation costs for active mediation by SOMI.

Type of securities: Profit rights

Minimum deposit: € 50

Payout: 500%

Total amount: € 1.000.000

Registration period: From February 29th, 2024 to March 1st, 2025