21/09/2006 - 14:00

IMF commences first Westpoint class action

21/09/2006 - 14:00

Bookmark

Upgrade your subscription to use this feature.

Litigation funder IMF (Australia) Ltd has announced the funding of the first class action on behalf of investors in the various "mezzanine" schemes promoted by Norm Carey's failed property developer Westpoint Corporation Pty Ltd.

Litigation funder IMF (Australia) Ltd has announced the funding of the first class action on behalf of investors in the various "mezzanine" schemes promoted by Norm Carey's failed property developer Westpoint Corporation Pty Ltd.

IMF has agreed to provide funding for legal proceedings to investors who received advice from authorised representatives of Queensland-based Professional Investment Services Pty Ltd.

The announcement coincided with reports that PIS was preparing for a stockmarket float. The dealer group has about 1300 financial advisers operating under its licence nationally.

IMF's legal proceedings have been lodged in the Supreme Court of New South Wales.

IMF announced in February that it had agreed to fund law firm Slater and Gordon in an ongoing investigation of the schemes.

It said at the time that it expected to fund litigation against 75 to 100 financial planners.

IMF plans to fund further class actions against other financial planning groups over the course of the next few months.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options