ASIC will return to court later this month to continue its fight on behalf of Westpoint investors.
Embattled financial services firms Glenhurst Corporation, Brighton Hall Securities and Strategic Joint Partners will return to court this month to face further grilling over their involvement in the collapse of Westpoint.
A class action proceeding issued against Glenhurst will return to court on 9 March for a further directions hearing.
Losses suffered by the class action members are still being considered by the court, with details submitted to the court on 28 February, a statement from ASIC said.
The corporate regulator has also lodged proceedings against Glenhurst's insurer, QBE Insurance Australia.
ASIC's proceedings against Brighton Hall Securities will return to court on a date yet to be fixed.
In its claim against Brighton Hall, ASIC seeks to recover compensation in the order of $14 million.
If successful, ASIC estimates approximately 170 investors could potentially benefit from this legal action.
The settlement discussions between ASIC and Strategic Joint Partners are continuing, with ASIC planning to take action to process the matter in court if the matter cannot be resolved informally.
In a letter to Westpoint investors issued late last year, ASIC said it had commenced a number of actions to claim compensation totalling $573.9 million.
Westpoint investors will see a potential return to date of around $100 million of total funds invested of $388 million.
The Westpoint group of companies collapsed in January 2006.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
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