Slater & Gordon are rumoured to have met with ASIC over CBA's resolution scheme.
Representatives of litigation firm Slater & Gordon were rumoured to have met with members of ASIC yesterday in order to seek approval for the Commonwealth Bank of Australia's (CBA) resolution scheme.
Speculation has been mounting that Slater & Gordon and the CBA are close to finalising its resolution scheme for select former clients of failed advisory firm Storm Financial after a closed meeting with all parties in late November last year.
Slater & Gordon group practice leader Damian Scattini would not confirm or deny that representatives from his firm met ASIC yesterday.
Scattini would also not be drawn on rumours Slater & Gordon intended to make an announcement in relation to the CBA resolution scheme as early as next week.
He declined to comment on suggestions Slater & Gordon had begun work on a planned roadshow around Australia to discuss the outcome of the scheme with ex-Storm clients.
ASIC were not in a position to comment on whether a meeting did occur over the CBA resolution scheme, an ASIC spokesperson said.
The corporate regulator's own investigations into Storm Financial are ongoing, the spokesperson said.
The CBA declined to comment.
The CBA set up the Storm Resolution Scheme in July last year in an attempt to settle claims against it by former clients of Storm.
The scheme has been developed with a view to achieving a just result for former clients of Storm who had one or more loan agreements with the CBA or Colonial Geared Investments/Colonial Margin Lending.
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