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Media statement re: ASIC and CBA Storm Resolution

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Media Release

Published on

Slater and Gordon Lawyers is pleased that a resolution has been reached between the Australian Securities and Investments Commission (ASIC) and the Commonwealth Bank of Australia (CBA) today.

Ben Hardwick, Practice Group Leader with Slater and Gordon’s Commercial & Project Litigation Group, said the announcement would be good news for clients represented by the firm as part of an earlier resolution scheme.

"For the past two and a half years our clients have been enjoying the financial benefits of the settlements we negotiated with the CBA,” Mr Hardwick said.

“We anticipate that hundreds of our clients will have their compensation entitlements topped up by today’s announcement on the basis that the settlements we negotiated allowed for an opportunity for our clients to also benefit from any subsequent deal struck by ASIC.

"Our clients were able to reach a form of closure back in 2009 and 2010, with the hope of something more and today's news is likely to deliver that,” Mr Hardwick said.

Under the terms of the deeds of settlements reached between Slater and Gordon's clients and the CBA, a special "carve-out" clause was incorporated, so that in the event of the establishment of any settlement scheme between CBA and ASIC, they would have the same entitlement to participate as those who had not settled with the CBA.

Mr Hardwick said the firm would contact its clients as soon as possible to notify them of today’s announcement.