Shine Lawyers has confirmed it will pursue a class action litigation suit against CBA licensee Financial Wisdom and the bank itself, seeking more than $200 million in damages.
The plaintiff law firm announced that it received a “considerable response from affected Australians” interested in taking part in the class action, meaning it has the numbers to go ahead.
The lawsuit will allege that inappropriate advice was given to more than 3000 clients of former Financial Wisdom authorised representative Meridian Wealth and may see the parent company forking out more than $200 million in compensation, said the firm in a statement issued today.
The firm is calling on affected former clients to get in touch.
The announcement comes as ifa reveals one former Financial Wisdom authorised rep has jumped ship to a non-aligned licensee.
More to come.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 25 May 2018‘Never been a better time’ for advice: MorningstarBy Killian Plastow
- 25 May 2018ASIC takes former AFSL director to courtBy Reporter
- 25 May 2018Henderson Maxwell owner launches investigationBy Aleks Vickovich
- 25 May 2018CBA issues update on AUSTRAC proceedingsBy Reporter
- 25 May 2018Employers granted unpaid super amnestyBy Jessica Yun
- 25 May 2018Bernardi backs bank withdrawal from wealthBy Aleks Vickovich
- view all