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
- 16 Mar 2018CBA CEO pushed for FOFA extensionBy James Mitchell and Aleks Vickovich
- 16 Mar 2018CPA dealer group clashes with FASEA requirementsBy Katarina Taurian
- 16 Mar 2018NAB launches virtual assistant for superBy Staff Reporter
- 15 Mar 2018IFA-focused platforms open to new strategiesBy Staff Reporter
- 15 Mar 2018Deakin eyes advisers to fill staff demandBy Killian Plastow
- 15 Mar 2018Adviser Innovation Summit 2018 agenda announcedBy Staff Reporter
- view all