Litigator settles further Storm claims
By Kate Kachor
Wednesday 8 September 2010
Litigation firm Slater & Gordon has settled more than 900 claims by former Storm Financial (Storm) clients under the Commonwealth Bank of Australia's (CBA) resolution scheme, the firm has said.
In a statement released by Slater & Gordon yesterday, more than 900 of the 1120 claims lodged with the firm have been settled since the formation of the resolution scheme 12 months ago.
Slater & Gordon Brisbane group practice group leader Damian Scattini said more than 1500 individual investors had now received compensation from CBA as part of the process.
Of the claims settled, 800 have come from Queensland, with 190 from the Townsville region and 245 from around Brisbane.
Of this number, 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still going through the process, while around 100 claimants have accepted they don't have a claim against CBA and have withdrawn from the scheme.
Around 20 new clients have registered over the past few months and are still in the process of considering their proposals from the bank.
Slater & Gordon expect to finalise all CBA resolution claims by December 2010.
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