We are trying to determine the number of sharemarket and managed fund investors who were affected during the GFC in 2008 by negligent loan providers, for a potential Class Action against these financial institutions for professional negligence in the management of Margin Loans.
This is similar to the Commonwealth Bank/Storm Financials proceedings currently in the headlines, but does not center on negligent financial advise.
Rather the issues arose out of computer glitches and faulty office procedures, where investors were not informed that they had triggered a Margin Call, in some cases for months after it occurred, significantly increasing their eventual losses, in some cases into the hundreds of thousands of dollars.
Since the Statute of Limitations is close to expiring for the events that occurred during the GFC (6 years), a number of legal firms are eager to quickly identify the number of investors who can come forward and claim to have experienced this same type of negligence.
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