yes there is, I didnt know, see the above edit.

You dont need expensive experts in international laws. You can be your own prosecutor, and its not so difficult.
The claims here are pretty straight forewards. You just need some dates and some calculations.

Its all about being precise in the claim.

Like:
This, my picture, was spread by istock (proof) and can now be downloaded for free here and here.
It has cost me this amount of money (proof), I sue for the lost amount.

But it is true, you have to be personally involved and have a loss.

I have taken my pictures off the site, because of obscure derivates.

Isnt there a guy in England that can take istock to small claims court?

The EU is sueing google these days, for monopoly. They might like this information.

Maybe the business was never healthy?

It might have been profitable at a certain time, but thats not the same as healthy.
Pyramid games can also be profitable at a certain time.

I can easily imagine a exponential growth in both revenue and employees, I can also imagine an overflow of easy money at a certain time and what that might result in in unhealthy business decisions and not to mention incompetent employees and management (do what you want, it doesnt matter, we earn tons of money anyway).
And that can actually be verified by looking at the contributor side: easy money earned has locked many a good photographer into an unhealthy dependancy or at least an unwillingness to part from the leach, I am one my self.
I can easily imagine how the financial crisis struck hard, and and how the business suddently became less profitable and  I can also easily imagine how 100 relaxed "creative" people with big egos and yuppie attitudes, having never met defeat before, eagerly and easily turned to the cheapest of means to keep the profit from going down.
It is characteristic, that those cheapest of means, are only possible, because we, the creators of content, are a bewildered flock of sheep and because the agency operates globally outside the rule of law.
Only following Lex istock.
Which is the lousiest lex I have seen in many years, and I have been in a huge global cooperation that traded with for example South Sudan, Mali and Kazakhstan.

I want the law to apply to istock!
I want the swindel to stop!
I want those people punished for their illegal acts!
Not to mention moral.

That aside, there is much evidence that it seems a deliberate act for the company to commit suicide.

Things at istock are so out of hand that I almost cannot believe what I hear:

1.. Scam site selling cheaply
2.. Images being given away at microsoft
3.. Images being given away on google
4.. Obscure financial manipulations such as currency hedging and retro payments
5.. Countless lies and unkept promises.

It is almost like the istock HQ deliberately tries to selfdestruct the company in the most efficient way.
OR... like istock is being sabotaged by someone, a group of former employees maybe?

What is going on?

Thats what I would have said.

Stay as long as possible, in my opinion your port is not competitive outside of istock. (Im sorry to say, and maybe I am not right).

Another advice would be to leave your microstock port idle and work on other things.

Fast review times only shows that there are not many uploads, and there might be a reason for that.

Every photographer should consider and calculate the expenses by shifting his GF to a more photogenic one.
Emotional stress in the transition can be photographed in self portraits and sold as well.
The photographer can emphasize by selecting a black or a white background.

Is there a correlation between the scam site and the drop in sales?

Very smart.
There is a lot of potentials in distributing quality tutorials.

Ja ja, they are already on youtube, as pictures are on flicker.
But have you noticed how much crap you have to wade through before you get to something you can stand to watch.
Its about copyright and quality, just like pictures.
I think I will join.
First project will be how to make a new handle for an axe.

Thats logical.
Private healthcare produce costs, since it has to produce profit.

and also interesting:
What about an educational system that has to be profitable. Does such a system educate talent or self sustaining wealth?
And how long does it take before so much talent is wasted that it affects the ability for a society to compete?

What was it with Japan and what is it with China and why did the steelworks close down in America?
Why do Americans drive Toyotas and surf with lenova computors.