Litigation firm Levitt Robinson expects to lodge its statement of claim today as part of its Storm Financial class action against the Commonwealth Bank of Australia (CBA).
The claim is expected to be filed in the Federal Court on behalf of former clients of the collapsed financial advisory group.
In a company statement, Levitt Robinson principal Stewart Levitt said the claim was filed in the “interests of justice”.
The claim was settled by senior counsel and pleads a class action against the CBA on behalf of clients of Storm who borrowed money from the CBA, pursuant to a Colonial Geared Investment Margin Loan entered into after 18 May 2007, the statement said.
The clients involved in the class action invested the money in one or more of the Storm branded Colonial Index Funds and had their investments redeemed or sold by the CBA between October and December 2008, it said.
The CBA class action is set to be the first in a series of class actions against the major banks and focuses on whether the relationship between the major players can be characterised as an unlawful scheme, the statement added.
Storm Financial collapsed in January 2009.
