Litigator eyes Trio custodian
By Kate Kachor
Tuesday 24 August 2010
National Australia Trustee Limited (NATL) could face legal action for its role as the custodian for collapsed fund manager Astarra Asset Management (Astarra) and Trio Capital.
Melbourne-based litigator Macpherson + Kelley Lawyers (M+K) has expanded its investigations into a class action against parties connected to Astarra and Trio Capital with the group's custodian on the potential list.
"We are continuing our investigations into other people up the line who may be accountable to the investors and in that vein we're looking at the custodian, the research houses, the auditors and of course the responsible entity and its directors," Macpherson + Kelley (M+K) principal Ron Willemsen said.
"We've been provided with some further information from various investors."
At present, the number of investors M+K is acting for is around 123.
Earlier this month, M+K sent letters of demand on behalf of its clients to Trio liquidators PPB, requesting them to notify Trio's professional indemnity (PI) insurers of compensation claims.
"We haven't yet received a response from PPB to our letters of demand. We're asking them to notify the PI insurer of the claims the investors are making," he said.
"We'll be advancing that as quickly as we can. But we do need to complete our investigations before we can launch a writ."
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