The group met the University of the West Indies in St Augustine and took the decision with a show of hands, authorising the five-member executive team try to recover all of the investment in the company.
Policyholders said they are unhappy with the way the government handled the Clico matter last week in Parliament and passed a motion of no confidence in Finance Minister Winston Dookeran.
"We need to send a clear message and tell the Honourable Prime Minister that Mr Dookeran is now a liability to the People's Partnership," Peter Permell, head of the group, said.
At the same time Permell assured members that the legal move doesn't not end negotiations with Government. "We have to put the mechanisms in place to pursue legal action on your behalf," he said.
He said he has written a letter to the Prime Minister asking her to intervene to stop Dookeran from taking the actions the minister announced in Parliament. He said Dookeran's plan would cause the economy to crash.
Dookeran's plan involves a payment of $75,000 immediately. Permell advised member to take the money only if there are no conditions attached to the payment.
Permell also announced that the group will take legal action against the main directors of CL Financial. "Legal action is an option open to us. We could be suing the directors of the company, the Central Bank, the Minister of Finance," he said.
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