Storm Financial litigation settlement approved

Storm Financial litigation settlement approved

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.

Storm Financial litigation settlement approved
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