Hundreds of former Storm Financial investors are preparing to launch individual action against the Commonwealth Bank to recoup their life savings, claiming they are unhappy with the way the bank has handled the case, reports the Courier Mail.
According to the reports, others are also considering suing law firm Slater and Gordon, which has been facilitating a resolution scheme for clients, if investors do not win back adequate compensation.
The potential actions follow in the footsteps of founders Emmanuel and Julie Cassimatis who have launched a $17 million claim against the CBA, arguing the bank was negligent in sending through incorrect portfolio data in the months leading up to the collapse.
But Slater and Gordon’s Damian Scattini is urging people to be patient, saying some corporate collapses took years to work their way through the courts.
“I understand they’re frustrated but they’re hard to please because, firstly, we didn’t put them in this situation and secondly, it is less than a year since it happened and we’re before a High Court judge in a few days,” he said.
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