SOMI does not only conduct collective proceedings against TikTok. On December 3th, 2023, SOMI also initiated collective proceedings against Meta, Facebook's parent company.
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 as of February 29th, 2024. SOMI offers its certificates to consumers and investors interested in financing social causes and collective lawsuits.
SOMI chooses not to work with foreign private equity capital where possible. These parties often charge a high percentage of the damages in order to recoup their investments and returns as quickly as possible. SOMI wants our society to be the first to benefit from these actions.
Therefore, SOMI chooses to remain as independent as possible from commercial motives that could undermine the victims' right to compensation. We prefer to share the results with the participants in our actions.
We are the first to do this with our SOMI Guarantee Process Certificates. Investments can be made with an initial registration of at least € 100.000.
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 out up to 6 times of the amount invested in Guarantee Process Certificates. At the end of the 10-year term, the principal amount of the Guarantee Process Certificates on which no return has been paid will be refunded.
SOMI also offers Process Certificates, which can be registered for an amount starting from € 50. The pay out is 5 times of the invested amount in the Process Certificates.
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