Almost 30 months after the collapse of the financial planning company, Storm Financial, Slater and Gordon has settled the last of its clients’ claims against the National Australia Bank.
More than 100 former Storm customers made claims against the NAB arising out of the collapse of the notorious, Townsville based, Storm Financial.
Slater and Gordon lawyer Damian Scattini welcomed the settlements.
“This is a great result for many mum and dad investors who lost their livelihoods and financial security with the collapse of Storm,” Mr Scattini said.
“And while these settlements can never turn back the clock, it allows them to move on with dignity and to rebuild their lives.
“And credit where it is due, to the NAB for handling the matters in good faith and with respect for their customers.”
Mr Brian Boyd, a former painter and cane cutter from West Tweed Heads in Queensland almost lost his house after investing through Storm in 2008.
“We got involved with Storm after hearing for years there wouldn’t be enough people paying tax in the future to look after an aging population,” Mr Boyd said.
“By the time the bottom started to fall out of it we owed more than $500,000 and people were telling us to auction our home, rent a unit and live as best we could.
“When we got involved with Slater and Gordon we started to see a ray of light. When we were told we would keep our house and saw the package negotiated with the Bank I said ‘you beauty’.
“We have learnt a real lesson that you never know what you’ve got until you just about lose it all,” Mr Boyd said.
Mr Scattini said the majority of NAB clients who had settled their claims have been pleased with the approach taken by the Bank.