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Slater and Gordon settles 900 Storm CBA claims

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Media Release

Published on

Twelve months on since the start of the Storm CBA resolution scheme more than 900 of the 1120 claims lodged with Slater and Gordon by those affected by the Storm Financial collapse in 2008 have been finalised.

Damian Scattini, Slater and Gordon, said today more than 1,500 individual investors had now received compensation from the Bank as part of the process.

“This is a great result for the many mum and dad investors who lost their livelihoods and financial security with the collapse of Storm,” Mr Scattini said.

“And while these settlements will never give everyone back exactly what they lost it allows them to move on and to start rebuilding their lives.”

Of the claims which have been settled:

  • 800 have come from Queensland with:
    • 190 from the Townsville region
    • 245 from around Brisbane
  • 400 were home loan only, 240 were a combination of home and margin loans while 260 were margin loan only.

Of the remaining claims:

  • around 90 are still going through the process;
  • some 100 claimants have accepted they don’t have a claim against the Bank and have withdrawn from the scheme;
  • about 20 new clients have registered over the past few months and are still in the process of considering their proposals from the bank.

It is expected all Slater and Gordon claims to be finalised by December 2010.

Mr Scattini said that while many Slater and Gordon CBA clients had received compensation, there were still thousands, including clients from other banks, particularly the Bank of Queensland, that are struggling.

“We also look forward to ASIC taking action against the founders of Storm Financial who must take responsibility for this disaster.”

It is understood that no former Storm/CBA clients have received any compensation outside the Storm/CBA resolution scheme negotiated by Slater and Gordon last year.