CBA dealer group Financial Wisdom will face a $200 million class action if Shine Lawyers proceeds with plans to recover lost funds on behalf of 3,000 Australian investors.
The law firm said in a statement posted on the Shine Lawyers website that it was approached by a number of investors following investigations by Four Corners and Fairfax into the owner of Meridien Wealth, Rollo Sherriff.
“The majority of the investors, most of which are retirees and blue collar workers, had their life savings wiped out as a result of the advice they received,” said Shine Lawyers.
Meridien Wealth is now owned by Premium Wealth Management and headed by David Adiseshan, who is assisting Shine Lawyers with their investigation.
Shine Lawyers said its investigations are based on the “advice provided to the investors and the liability of CBA and its subsidiaries under their AFSL responsibilities”.
“This liability could include breaches of fiduciary duty, breach of the duty to use reasonable care and skill in providing the advice, misleading or deceptive conduct or unconscionable conduct,” the statement said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all