More than 100 former Storm Financial (Storm) client claims against the National Australia Bank (NAB) have been settled.
The settlement of the claims comes almost 30 months after the collapse of the failed financial advisory group.
“This is a great result for many mum and dad investors who lost their livelihoods and financial security with the collapse of Storm,” Slater & Gordon lawyer Damian Scattini said.
Scattini said while the settlements can never “turn back the clock”, it allows clients to move on.
He said the majority of NAB clients who had settled their claims have been pleased with the approach taken by the bank.
It is not known whether there are any outstanding client claims against other banks linked to Storm.
Calls to Scattini’s office were not returned at the time of InvestorDaily’s publication.
Meanwhile, legal action between Storm founders Emmanuel and Julie Cassimatis and ASIC is continuing.
In an update from the corporate regulator, the proceeding on 15 June 2011, by virtue of the further directions made by Justice Reeves, ASIC has agreed to meet the Cassimatises’ costs of that hearing.
“The Cassimatises argued that the costs ordered that day should be taxed and paid by ASIC forthwith. ASIC opposed the Cassimatises’ argument,” the ASIC update said.
“In his judgement.his honour ordered that the Cassimatises’ could recover the costs that were otherwise ordered at the last hearing forthwith.”
The proceedings will be next before the court on 1 August 2011.
