The Federal Court has today approved the settlement agreed to by the Bank of Queensland and ASIC, which will see the bank pay $17 million in compensation to former clients of Storm Financial.
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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
15 Dec 2017AIW Dealer Services enters EUBy Staff Reporter
15 Dec 2017New CEO appointed at Centrepoint AllianceBy Staff Reporter
15 Dec 2017FASEA education pathways provide certainty: O’DwyerBy Killian Plastow
14 Dec 2017AUSTRAC adds to list of CBA allegationsBy Killian Plastow
15 Dec 2017Get ‘independent financial advice’: Joe HockeyBy Aleks Vickovich
14 Dec 2017‘Forward-thinking’ advisers drive mFunds growthBy Aleks Vickovich
- view all