If the class action goes ahead, Shine Lawyers will aim to recover funds lost by 3,000 Australian investors who placed their money into CBA products through CBA subsidiaries including Financial Wisdom, Commonwealth Financial Planning, Colonial Life insurance, CommInsure and Colonial First State Investments.
Shine Lawyers said in a statement posted on the firm's website that it was approached by a number of investors last week following coverage by Fairfax media and Four Corners' investigating the owner of Meridien Wealth, Rollo Sherriff.
“The majority of the investors, most of which are retirees and blue collar workers, had their life savings wiped out as a result of the advice they received,” said Shine Lawyers.
Meridien Wealth is now owned by Premium Wealth Management and headed by David Adiseshan, who is assisting Shine Lawyers with their investigation.
Shine Lawyers said its investigations are based on the “advice provided to the investors and the liability of CBA and its subsidiaries under their AFSL responsibilities”.
“This liability could include breaches of fiduciary duty, breach of the duty to use reasonable care and skill in providing the advice, misleading or deceptive conduct or unconscionable conduct,” the statement said.
