A statement posted to the ASX today reveals the court’s decision and explains that the settlement now concludes “both of the outstanding Storm Financial proceedings against BOQ”.
A previous statement from the bank in September outlined the terms of the settlement agreement.
“The gross payment by BOQ to settle ASIC’s proceedings and the class action is $19.7 million, with $17 million of this to be paid to BOQ customers,” a statement from the bank said.
“The settlement agreement includes acknowledgement by all parties that BOQ denies any wrongdoing in relation to both proceedings,” the statement said.
[quote name=”Serey”]Jeff Rake, fair comment if the adviser did a proper risk assessment in the first place and recommended term deposits or appropriately conservative investments. But what if the Adviser applied his own high growth risk profile to every single one of this clients? This was common practice with many ‘independent’ advisers in the lead up to the GFC.[/quote]
Rubbish
Jeff Rake, fair comment if the adviser did a proper risk assessment in the first place and recommended term deposits or appropriately conservative investments. But what if the Adviser applied his own high growth risk profile to every single one of this clients? This was common practice with many ‘independent’ advisers in the lead up to the GFC.
I wish every time I made a bad investment someone covered me ! These investors would have taken the upside but not downside , the no risk investment!! Where do you get it , these class action lawyers blow me away . This flows through to everyone else in the form of bank fees and higher insurance.
I’m not standing up for Storm or saying they didn’t do the right thing but only an absolute moron would not realise a double gearing strategy into the sharemarket would not be risky in some way. It’s too easy to play the dumb victim.
Storm did the wrong thing, greed from both the clients and advisers fed the problem.
Ummmm….why would they pay $19million if BOQ did nothing wrong???? This isn’t justice it’s merely reparations.
BOQ like all other banks deny it if it was I as an individual the ASIC would see I go to jail. So lets get some equity in this ASIC send the CEO of the BOQ to jail for 5 years send a message to the rest of them. Bet you 50 Million you wont.